What is accounting cycle P2p cycle Fixed asset process flow Chart of accouts Journal entries

Question

Accepted Answer

The accounting cycle is the process of recording, summarizing, and analyzing financial transactions of a business.

The accounting cycle typically includes steps such as journalizing transactions, posting to the general ledger, preparing trial balances, adjusting entries, preparing financial statements, and closing entries.
P2P cycle refers to the procure-to-pay process, which involves purchasing goods or services, receiving them, approving invoices, and making payments.
Fixed asset process flow involves acquiring, recording, depreciating, and disposing of fixed assets.
Chart of accounts is a list of all accounts used by a company to record financial transactions.
Journal entries are the first step in the accounting cycle, where transactions are recorded in chronological order.

Accepted Answer

Refer you 12th accounting 📚

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