The Interactive Accounting Cycle
This is an accounting tutorial opening up in a separate window. The topics covered in this web application are typically covered in the first four weeks of an introductory accounting class.
Click the orange “Launch” button to open the application.
When the application is open, click on the “Start Course” to begin navigating the course content.
When finished click on “EXIT COURSE” in the upper right corner of the application.
Specifically, the steps of the accounting cycle include:
- Analyze business transactions. Learn how to apply the rules of double-entry accounting and to recognize financial accounting transactions.
- Journalize transactions – Learn how to record simple journal entries and compound journal entries to a general journal.
- Post to ledger accounts. – Learn how to post to the General Ledger.
- Prepare a trial balance. Learn how to prove the equality of debit and credit balances of accounts.
- Journalize and post adjusting entries. Learn how to determine which accounts need to be adjusted and record those journal entries to the General Ledger and/or to the worksheet.
- Prepare an adjusted trial balance. Prove the equality of the debits and credits.
- Prepare financial statements. – Learn how to prepare the Balance Sheet, Income Statement, and Statement of Owner’s Equity.
The interactive elements here will work on touchscreen devices such as iPhones and Ipads, but it is best viewed on an Ipad or computer.