The Accounting Cycle

In the general point of view, an accounting wheel refers to certain procedures that must be established by every business organisation unit to provide the data to be radicaled on the pecuniary statements. The accounting process consists of two interrelated parts the recording pattern and the summarizing phase. Although these phases vary in details depending on the nature of the business, the main adjudicate is just the same to be able to provide an accurate subject field containing the firms condition and the result of its operation.To clearly illustrate the complete accounting rhythm method of a finance company, let us take as an eccentric Dann & Berns, Inc. The company is engaged in providing business analysis including credit investigation, a thorough study of the company profile, review of the clients financial statements, and providing an overall place of the clients, whom we entrust call as subjects in this example.Among Dann & Berns subjects include big companies who atomic number 18 applying for accreditation as a distributor of an another(prenominal) firm applicant check-out procedure for banks and other financial institutions offering various types of loans, as part of their pre-approval requirements outsourcing companies and other headhunting firms for hire-right purposes and others from different industries. To be able to provide the necessary ser wrong-doings, Dann & Berns is hiring very fourth-year financial professionals for these functions.These professionals are required to have a solid compass in finance and accounting as well as the superpower to communicate with the top management of different financial institutions. A incomprehensible knowledge on financial analysis is highly expected from them. The trading operations Department is involved in the main process and is consist of idea coordinators, field officers, business analysts, and editors, who are all directly reporting to the vice president. Other departments provi ding support include trade, human resources, legal, information technology, accounting and audit.The marketing people are the ones who have direct contact with the subject. They collect and in front the primary documents and other requirements to the operations department through the report coordinators. The report coordinators will then input necessary data for monitoring and designation of subjects to the business analysts. The editors are responsible in reviewing the work of the business analysts. Their responsibilities include double-checking of the ratings given to the subject, based on their company profile, the result of background checks, proceeds of credit investigations made, and the content of their financial statements.Field officers are the ones who do the personalised background-checking and other liaison work including but not limited to collection of pertinent documents from the Securities and Exchange Commission, IRS, Federal Bank and other banks, and other r estrictive bodies to authenticate the validity of the papers submitted by the subject. Once the accreditation process is done, the editors will forward the reports back to the report coordinators, who will then issue a list of completed reports per subject to the accounting department for billing purposes. This is the starting point of Dann & Berns accounting cycle.