Categories of Accounting Work
Accounting can be divided into 3 categories:
1. Routine Daily Activities
These activities occur nearly every day of the year and in the same way. Activities include; processing bills, preparing cheques, daily banking, recording transactions, preparing business papers and etc.
2. Periodic Accounting Activities
These activities occur at regular intervals such as once every week, or once every month, etc. Financial reports, income tax returns and payroll cheques are an example of a periodic accounting activity.
3. Miscellaneous Activities
These activities cannot be predicted. For example, if an employee resigns, the position must be filled quickly. Advertising, conducting interviews, and selection of new staff will be needed to be prepared by the senior accountant.
The Accounting Cycle
The accounting cycle is a recurring set of accounting procedures carried out during each fiscal period.
