The sequence of accounting procedures used to record， classify， and summarize accounting information is often termed the accounting cycle. The accounting cycle begins with the initial recording of business transactions and concludes with the preparation of formal financial statements summarizing the effects of these transactions upon the assets， liabilities， and owners' equity of the business. The term “cycle” indicates that these procedures must be repeated continuously to enable the business to prepare new， up-to-date financial statements at reasonable intervals. The accounting cycle consists of some specific steps as follows：

　　1. Analyze transactions and business documents

　　2. Journalize transactions

　　3. Post journal entries to accounts

　　4. Determine account balances and prepare a trial balance

　　 5. Prepare a worksheet

　　6. Prepare financial statements

　　7. Journalize and post adjusting entries

　　 8. Make closing entries

　　9. Prepare a post-closing trial balance

　　10. Make reversing entries

　　 Notice that step 1 to 3 occur continuously during the accounting period， step 4 to 9 occur only at the end of the accounting period， and step 10 occurs only at the start of the next accounting period.

　　會計(jì)記錄、分類和總結(jié)會計(jì)記錄的過程經(jīng)常被稱作會計(jì)循環(huán)。會計(jì)信息起始于商業(yè)交易的初始記錄，包括正式的財(cái)務(wù)報(bào)表的編制（合計(jì)資產(chǎn)、負(fù)債和所有者權(quán)益）。這個(gè)循環(huán)意味著這些程序必須持續(xù)重復(fù)，在合理的會計(jì)期間準(zhǔn)備新的、更新的財(cái)務(wù)報(bào)表。會計(jì)循環(huán)包括下面一些特殊的步驟：

　　 1、分析交易過程和商業(yè)文書

　　 2、記錄交易日志（制作憑證日記賬）

　　 3、將憑證記入各個(gè)賬戶

　　 4、確認(rèn)會計(jì)報(bào)表平衡，編制試算平衡表

　　5、編制工作底稿

　　 6、編制財(cái)務(wù)報(bào)表

　　 7、編制調(diào)整分錄

　　 8、結(jié)賬

　　 9、編制結(jié)賬試算平衡表

　　 10、制作回轉(zhuǎn)分錄

　　注意上述步驟中的第1步至第3步在會計(jì)期間發(fā)生，步驟4至9僅在會計(jì)期末發(fā)生，步驟10僅在下一個(gè)會計(jì)期間開始的時(shí)候發(fā)生。

　　Step 1.Analyze Transactions and Business Documents

　　The first step in the accounting cycle is to analyze transactions and business documents-the sale invoices， check stubs， and other records that are evidence of those transactions. Business documents confirm that a transaction has occurred and establish the amounts to be recorded. The accountant must determine the most appropriate way to record each transaction and to recognize its economic impact on the accounting equation. This is the key step in the accounting cycle.

　　第一步：分析交易過程和商業(yè)文書

　　會計(jì)循環(huán)的第一步是分析交易過程和商業(yè)文書（銷售發(fā)票、支票存根和其他交易記錄憑證）。商業(yè)文書是確認(rèn)交易發(fā)生和確認(rèn)交易記錄金額的。會計(jì)人員必須采用最適當(dāng)?shù)姆椒ㄌ幚磉@每一筆交易，判斷到它對會計(jì)平衡的經(jīng)濟(jì)影響。這是會計(jì)循環(huán)的關(guān)鍵步驟。

　　Step 2. Journalize Transactions

　　The second step in the accounting cycle is to record the results of transactions in a journal. Known as “book” books of original entry“， journals provide a chronological record of all entity transactions. They show the dates of the transactions， the amounts involved， and particular accounts affected by the transactions. Usually， an explanation of the transaction is also included.Companies may use General Journals or special journals to record all transactions. A specific format is used in journalizing （recording） transactions in a General Journal. The debit entry is listed first； the credit entry is listed second. Normally， the date and a brief explanation of the transaction are considered essentially. This format can be called journal entry.

　　第二步：記錄交易日志

　　會計(jì)循環(huán)的第二步是定期記錄交易結(jié)果。作為原始憑證，日志提供所有實(shí)體交易的流水賬。他們現(xiàn)實(shí)交易日期、合計(jì)數(shù)和受交易影響的特別會計(jì)賬戶。通常一筆交易的表述也包括這些類容。公司可以使用總賬和明細(xì)賬去記錄所有的交易。一個(gè)特別的形式被使用在總長中的記錄日志中（日記賬）。先寫借方，再寫貸方。通常憑證的時(shí)間和摘要被認(rèn)為是基本要素。這種形式被認(rèn)為是日記賬。

　　Step 3. Post Journal Entries to Accounts

　　 Once transactions have been analyzed and recorded in journal， it is necessary to classify and group all similar items. This is accomplished by the procedure of posting all the journal entries to appropriate accounts. All accounts are maintained in an accounting record called the General Ledger. A ledger， then， is a book of accounts in which data from transactions recorded in journals are posted and thereby classified and summarized. A particular company will have as many or as few accounts as its needs to provide a reasonable classification of its transaction. The list of accounts used by a company is known as its chart of accounts.

　　第三步：將憑證過到賬戶中

　　一旦交易被確認(rèn)，記錄在日記賬中，就需要分類和匯總相同的信息。這以過日記賬到相應(yīng)的科目完成。所有以會計(jì)記錄維護(hù)的賬戶叫總長。分類賬是將日記賬記錄并根據(jù)會計(jì)科目分類匯總的集合。一個(gè)公司將或多或少地需要提供一個(gè)合理的處理后的分類信息。一個(gè)公司使用的會計(jì)清單通常是會計(jì)圖表。

　　Step4. Determine Account Balances and Prepare a Trial Balance

　　 At the end of each accounting period， after all of the regular entries for completed transactions have been journalized and posted to the ledger， a trial balance should be prepared. This trial balance is prepared before the adjusting entries are made； therefore， it is often called the unadjusted trial balance.A trial balance lists each account with its debit or credit balance. By adding all the debit balances and all the credit balances， the accountant can see whether total debits equal to total credits. Even if the trial balance does show total debits equal to total credits， there may be errors. A transaction may be omitted completely， or it may have been recorded incorrectly or posted to the wrong account. These types of errors will not be discovered by preparing a trial balance； additional analysis would be required.

　　第四步：確定會計(jì)科目平衡和準(zhǔn)備試算平衡表

　　每一個(gè)會計(jì)期末，在所有完成交易的憑單記賬并歸類到分類賬戶后，試算平衡表將被制作出來。因此，它通常被稱為期末調(diào)整的試算平衡表一個(gè)試算平衡表列示了所有的借方和貸方科目。通過添加所有的借方和貸方平衡表，會計(jì)人員可以發(fā)現(xiàn)借方合計(jì)等于貸方合計(jì)。即使試算平衡表借貸相等，也可能存在錯(cuò)誤。一筆交易如果被完全刪除，或者記錄金額錯(cuò)誤，或者使用了錯(cuò)誤的科目。通過編制試算平衡表以上各種類型的錯(cuò)誤不會被發(fā)現(xiàn)，因此需要額外的分析。

　　Step 5.prepare a Worksheet 　

　　The financial statements cannot be prepared until all of the necessary adjusting entries have been formulated. The unadjusted trial balance must be adjusted to in corporate the effects of all of the adjusting entries. This adjustment may be accomplished by either （a） recording all of the adjusting entries in the journal followed by immediate posting to the general ledger and then taking an adjusted trial balance from the ledger to use in preparing the financial statement， or （b） entering the unadjusted entries directly on that worksheet； this worksheet can be designed to include the adjusted trail balance and the unclassified income statement， statement of retained earnings， and balance sheet. A separate worksheet is needed to develop the statement of changes in financial position. Notice that worksheet is not a part of the basic accounting records of the entity； it is a separate facilitation technique that usually increases efficiency and minimizes processing errors. It does not replace the financial statements or any entries in the accounts.

　　第五步：準(zhǔn)備工作底稿

　　財(cái)務(wù)報(bào)表直到所有調(diào)整分錄編制完成才可以編制。未經(jīng)調(diào)整的試算平衡表必須調(diào)整所有對公司有影響的調(diào)整分錄。這些調(diào)整可能通過下列兩種方式完成：（a）記錄所有在會計(jì)日志中的調(diào)整分錄并迅速過度到總分類賬，同時(shí)從總長獲得調(diào)整過的試算平衡表用于準(zhǔn)備財(cái)務(wù)報(bào)表。（b）將未調(diào)整的憑證直接記入工作底稿，工作底稿可以被設(shè)計(jì)成包括調(diào)整過的試算平衡表和未分類的損益表，保留收入報(bào)表和資產(chǎn)負(fù)債表。工作底稿要求能體現(xiàn)財(cái)務(wù)狀況的變化。注意：工作底稿不是基本會計(jì)記錄的一部分；它是一種個(gè)別的簡化的技巧，這種技巧通常可以提高工作效率，減少工作流程中的錯(cuò)誤。它不可以代替會計(jì)報(bào)表和任何日記賬。

　　When we discuss the worksheet， the term adjusting entry should not be omitted. As we know that， transactions generally are recorded in a journal as they happen， and then posted to the ledger accounts. The entries to be made are based on the best information available at the time， and the balances of the accounts can be included in the financial statements. While some accounts require adjustment to reflect current circumstances at the end of the accounting period because they are not up to date at that time. So， in order to report all asset， liability， and owners ' equity amounts properly， and to recognize all revenues and expenses for the period on an accrual basis， accountants are required to make any necessary adjustments prior to preparing the financial statements. The entries that reflect these adjustments are called adjusting entries. They are usually recorded on the basis of an analysis of the circumstances at the close of each accounting period， and they are needed when there are： Unrecorded revenues， Unrecorded expenses， Prepaid expenses and Unearned revenues.

　　當(dāng)我們討論工作底稿的時(shí)候，該期調(diào)整分錄不能被刪除。眾所周知，交易一旦發(fā)生，總是以日記賬的形式記錄下來，然后過戶到分類賬戶中去。制作日記賬的基礎(chǔ)是當(dāng)時(shí)可見的最好的信息?？颇康钠胶獍谪?cái)務(wù)報(bào)表中。然而在會計(jì)期末一些賬戶需要進(jìn)行調(diào)整以反映現(xiàn)實(shí)環(huán)境，因?yàn)樗麄儾皇悄菚r(shí)最新的。同樣，為了合理地反映所有資產(chǎn)、負(fù)債、和所有者權(quán)益，精確計(jì)算當(dāng)期收入和費(fèi)用，會計(jì)人員需要制作任何需要的調(diào)整分錄來制作財(cái)務(wù)報(bào)表。那些調(diào)整分錄憑證被稱為調(diào)整憑證。他們通常以最近會計(jì)周期的分析為基礎(chǔ)被記錄，而且在以下情況中被用到：未入賬收入、未入賬費(fèi)用、預(yù)付款和應(yīng)收賬款。

　　Step 6. Prepare Financial Statements

　　Once all transactions have been analyzed， journalized， and posted and all adjusting entries have been made， the accounts can be summarized and presented in the form of financial statements. The information for the income statement and the balance sheet is taken directly form the worksheet， when one is used. When a worksheet is not used， financial statements are prepared directly from the data in the adjusted ledger accounts.

　　第六步：準(zhǔn)備財(cái)務(wù)報(bào)表

　　一旦所有交易的分析、記賬、提交工作完成和所有調(diào)整分錄編制完成，會計(jì)科目就可以被匯總，以財(cái)務(wù)報(bào)表的形式顯示出來。如果采用了工作底稿，損益表和資產(chǎn)負(fù)債表的信息就可以直接從中得到。如果工作底稿沒有被采用，那么財(cái)務(wù)報(bào)表的數(shù)據(jù)將直接來源于分類賬戶。

　　Step 7. Journalize and Post Adjusting Entries.

　　 The adjusting entries should be entered in the general journal and then posted to the general ledger in the same manner as other journal entries. Note that each adjusting entry must involve one （or more） permanent account（s） （balance sheet accounts） and one （or more） emporary account（s） （income statement accounts）。Through journalizing and posting adjusting entries， the income statement and the balance sheet will reflect the proper operating results and financial position at the end of the accounting period.

　　第七步：記錄和提交調(diào)整分錄

　　調(diào)整分錄必須記錄匯總的日記賬，隨后以與其他日記賬相同的方式提交到總分類賬。注意，每筆調(diào)整分錄必須包括一個(gè)（或多個(gè)）永久性科目（資產(chǎn)負(fù)債表科目）和一個(gè)（或多個(gè)）臨時(shí)性科目（損益表科目）。通過編制和提交調(diào)整分錄，損益表和資產(chǎn)負(fù)債表將反映出適當(dāng)?shù)慕?jīng)營結(jié)果和會計(jì)期末的財(cái)務(wù)狀況。

　　Step 8. Make Closing Entries

　　After the financial statements are prepared and the adjusting entries have been journalized and posted， the closing process must be completed. The purpose of the closing process is to transfer the balances of all of the temporary accounts to the Retained Earnings account. The result is that （a） retained earnings will be increased by the amount of net income， or decreased by net loss， and （b） each temporary account will start the next year with a zero balance. The permanent accounts are not affected by the closing process except for the change in retained earnings.

　　第八步：制作結(jié)賬憑證

　　當(dāng)財(cái)務(wù)報(bào)表制作完成，調(diào)整分錄被記錄和提交，結(jié)賬的程序就必須完成。結(jié)賬的目的是將所有臨時(shí)科目借貸平衡的兩方過到留存收益科目。其結(jié)果是留存收益將隨凈收入總量的增加而增加，隨凈損失的增加而減少。每個(gè)臨時(shí)科目將清零后，出現(xiàn)在下一會計(jì)年度期初。除非留存收益發(fā)生變化，永久性科目不會受結(jié)賬程序的影響。

　　Closing entries are journalized， and dated， only at the end of each accounting period. The closing entries can be （a） taken directly from the worksheet， or （b） developed from the adjusted trial balance， if a worksheet is not prepared.

 　　結(jié)賬憑證僅在每個(gè)會計(jì)期末記錄，并被標(biāo)注日期。如果沒有編制工作底稿，結(jié)賬憑證可以從工作底稿獲得，或者從被調(diào)整的試算平衡表獲得.

　　Step 9. Prepare a Post-Closing Trial Balance

　　The purposes of a trial balance are （a） to verify the equality of the debits and credits and （b） to have the account balances ready for other uses. Two different trial balances have already been discussed： the unadjusted trial balance and the adjusted trial balance. A third trial balance usually is taken after the closing entries have been posted. It is called the post-closing trial balance. It is used to verify that the debits and credits are equal at the start of the next accounting period.

　　第九步：編制結(jié)賬后的試算平衡表

　　試算平衡表的目的是確認(rèn)借貸方平衡和提供平衡的會計(jì)科目用于其他用途。未調(diào)整的試算平衡表和調(diào)整后的試算平衡表已經(jīng)討論過。編制完結(jié)賬憑證后的第三種試算平衡表通常被采用。這種報(bào)表被稱為結(jié)賬后的試算平衡表。它通常被用于確認(rèn)下一會計(jì)年度的期初借貸方是否平衡。

　　Step 10. Make Reversing Entries

　　After the adjusting and closing entries are journalized and posted to the general ledger， the accounts are ready for information inputs of the next period. Prior to entering the new information inputs， many companies journalize and post reversing entries. A reversing entry is dated the first day of the next period and simply reverses the related accounts， the amounts of an adjusting entry that was made at the end of the prior period. Thus， a reversing entry uses exactly the same accounts and amounts as in the adjusting entry but with the debits and credits reversed. Reversing entries serve only one purpose， that is， to facilitate （or simplify） a related entry in the next accounting period. As a general rule， only the following adjusting entries should be reversed： （a） entries for accrued expenses and accrued revenues， and （b） entries for deferred expenses and deferred revenues that were originally recorded in a temporary account.

　　第十步：編制回轉(zhuǎn)憑證

　　調(diào)整憑證和結(jié)賬憑證被記錄和提交到總分類賬戶后，會計(jì)科目將為下一年度的信息錄入做好準(zhǔn)備。在于輸入新的信息之前，許多公司往往編制和提交回轉(zhuǎn)憑證。（回轉(zhuǎn)憑證在下一年度的第一天制作出來，僅將上一期末所做調(diào)整分錄做相反的記載，即僅改變賬戶借貸方向，金額不變）轉(zhuǎn)換分錄只有一個(gè)目的，就是簡化下一年度的會計(jì)分錄。根據(jù)規(guī)則，以下兩筆調(diào)整分錄需要做反向記錄：1、產(chǎn)生費(fèi)用和收入的分錄，2、記錄在臨時(shí)賬戶的遞延費(fèi)用和遞延收入。