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ACCOUNTING CYCLE - Coggle Diagram
ACCOUNTING CYCLE
Accounting adjustments
Correction and recording of pending operations
Depreciation
Amortization
Provisions
Preparation of financial statements
After accounting adjustments
Balance sheet
Profit and loss account
Cash flow statement
Closing of accounts
End of the accounting period
Income and expense accounts
Accumulated results
New accounting period
Opening entry
First accounting entry of the new period
Opening balances
Transfer of balances
Necessary adjustments
Identification and recording of transactions
Sales, purchases, payments, collections, expenses and income
Source documents
Journal
Posting to the general ledger
Information from the journal
Individual accounts
Balances
Journal recording
Transactions in chronological order
Debits and credits
Expense
Outflow of economic resources
Decreases the net result
Income
Increase in economic benefits
Increases the net result
Income and expense
Accrual basis