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The Accounting Cycle
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Accountants work through a cycle called the Accounting Cycle.
A manager does not need to go into great depth in terms of understanding the accounting behind the financials; however, it does help to have a basic idea of where the numbers are coming from.
The accounting profession is made up of various degrees of qualifications. You get accountants, chartered accountants, financial accountants, management accountants, auditors and bookkeepers.
The Accounting Cycle is illustrated:
Click here to view a video that explains the steps of the Accounting Cycle.
Read the practical explanation of the accounting cycle with examples in your Learner Guide on pages 75 to 83.
Click here to view a video that explains the accounting cycle terminology.