Financial Accounting

The accounting cycle refers to the process by which companies produce their financial statements for a specific period of time. It is called a cycle because the steps are repeated each reporting period. The organization at which I am employed completes its accounting cycle monthly. The organization is a privately owned nursing facility licensed and incorporated in the state of Virginia that has been in business since 1966. An explanation of the overall accounting cycle at …

…it does require different people, processes, and systems working efficiently and effectively so that all financial transactions are accounted for accurately. Ensuring that accurate information is available is paramount for our organization so that we can make business decisions that will enable us to remain profitable in the competitive environment of the health care industry. Reference: Kieso, D.E., Weygandt, J.J., & Warfield, T.D. (2004). Intermediate Accounting (11th ed.). New York, NY: Wiley