Expert answer:Accounting Cycle homework help

Answer & Explanation:Review the two students’ attached posts separately in the same manner as this…identify what steps of the accounting cycle that you feel are the most critical.  In your response provide recommendations to extend their thinking.  Challenge each student by asking a question that may cause them to reevaluate their positions on the accounting cycle.discussion_1___student_1_to_respond_to.docxdiscussion_1___student_2_to_respond_to.docx
discussion_1___student_1_to_respond_to.docx

discussion_1___student_2_to_respond_to.docx

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Discussion 1: Respond to student 1
Accounting Cycle
When thinking about two companies: manufacturing and retail; their accounting cycles would differ.
Even though each company accounting cycle may be the same, the actual revenue may differ. For a
manufactured product, revenue should not be recorded until the actual product is sold and delivered
to the customer; verses a retail company (K.,Wainwright, 2012). The retail company will start
collecting right away. I expect the steps of the accounting cycle to be the same for each company,
just earned at different times.
I have worked for both types of business and can understand points of each aspect. I once worked
at a manufacturing company that took in large orders from business and did not see any revenue
until all was received. I now work for a retail company that receives revenue as product is sold.
Retail companies may at times may pay for product before it is sold. I believe manufacturing and
retail companies may differ but at times be similar.
Discussion 1 – Student 2
Accounting Cycle
Yes, the accounting cycle is the same for all businesses, regardless it’s a manufacturing company or
a retail company or any other type of company. A well-established company needs to prepare
financial statement on a regular basis and it must be done a least monthly or quarterly. As a result,
the accounting cycle exposes the journal entries to the indicated ledger accounts, examines source
documents, helps construct a trial balance plus it aids to prepare financial statements from the
adjusted trial balance.
That being said, I do expect the accounting cycle to be the same for all company, however, there are
differences among businesses to prepare their financial statement. As the book states “A company’s
annual reporting period may follow the natural calendar and run from January 1 to December 31.
This is known as a calendar year. In the alternative, some companies report on a fiscal year that
runs from one point of beginning to one year later. Fiscal years are often chosen to follow natural
business cycles”.
…
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