The accounting cycle for some organizations can be the same or
different depending on the type of organization. Within a school
district, such as North Merrick Union Free School District, the
accounting cycle is geared around the spending per child. It is also a
not for profit organization; this differs from an organization in which
a profit is the goal of the company.
Being employed as a Special Education Teacher Aide I don't
really have access to the whole accounting process. I do see a portion
of the process such as the time sheet for my hours worked and the final
result of my paycheck.
Organizations do go through an accounting process in order to
define and pay for their expenses.
The accounting process is a series of activities that begins
with a transaction and ends with the closing of the books. Because this
process is repeated each reporting period, it is referred to as the
accounting cycle and includes these major steps:
1. Identify the transaction or other recognizable event.
2. Prepare the transaction's source document such as a purchase
order or invoice.
3. Analyze and classify the transaction. This step involves
quantifying the transaction in monetary terms (e.g. dollars and cents),
identifying the accounts that are affected and whether those accounts
are to be debited or credited.
4. Record the transaction by making entries in the appropriate
journal, such as the sales journal, purchase journal, cash receipt or
disbursement journal, or the general journal. Such entries are made in
5. Post general journal entries to the ledger accounts. (2005,
According to the Internet Center for Management and Business
Administration, Inc. the "above steps are performed throughout the
accounting period as transactions occur or in periodic batch processes"
(2005, NetMBA.com). At the end of the...