The Project Life Cycle refers to the four-step process that is followed by nearly all project managers when moving through stages of project completion. This is the standard project life cycle most people are familiar with.

The Project Life Cycle provides a framework for managing any type of project within a business. Leaders in project management have conducted research to determine the best process by which to run projects. It has been found that following a project life cycle is critical for any services organization.

The Project Life Cycle is the standard process by which teams achieve project success. The standard project life cycle works for some project managers, but professional services need a more robust process. In professional services, unlike other businesses, their product is their people. That is, professional services lend their expertise to other companies in exchange for profit. Due to the constant involvement of clients, professional services require a unique project life cycle that involves a recurring feedback loop to ensure project success.

According to the Project Management Institutethe project life cycle is critical for any managers hoping to deliver projects to clients successfully. For the Conceptualization Phase to begin, a strategic need for the project or service must be recognized by upper management.

The second phase of the project management life cycle is referred to as the Planning Phase. Once management has given the OK to launch a project, a more formal set of plans—outlining initial goals—is established.

The third phase is labeled Execution. This is when the actual work of the project is performed. Required materials, tools, and resources are transformed to reach the project goals.

Accounting Cycle - Problems and Solutions

During this phase, performance is continually measured to ensure the project is successful. The fourth and final phase is called Termination Phase, also referred to as Project Closure. This phase begins once the project has been completed. The key difference between the standard Project Life Cycle and the Professional Services Project Life Cycle is that the standard life cycle lacks fluidity and feedback between projects.

The standard project life cycle model consists of four very distinct project phases that have deliberate start and end points. That is, once a project is completed, tools are archived, resources are sent to new projects, the job is closed out, and then the entire process starts over. The standard, linear life cycle model is not adequate for the complexity of projects in professional services. The reason this model is inadequate is because it fails to account for the human capital component that exists at professional service organizations.

Due to the human capital component at professional service organizations, there must be a holistic, infinite, and cyclical life cycle that exists throughout the entirety of the project. Human capital refers to the fact that professional services rely on resource expertise for profits. Therefore, it is required for clients and resources to sync and agree on goals, processes, and deliverables throughout the entirety of the project.Accounting cycle is a step-by-step process of recording, classification and summarization of economic transactions of a business.

It generates useful financial information in the form of financial statements including income statement, balance sheet, cash flow statement and statement of changes in equity. The time period principle requires that a business should prepare its financial statements on periodic basis.

Therefore accounting cycle is followed once during each accounting period. Accounting Cycle starts from the recording of individual transactions and ends on the preparation of financial statements and closing entries. Following are the major steps involved in the accounting cycle. We will use a simple example problem to explain each step. You are welcome to learn a range of topics from accounting, economics, finance and more.

We hope you like the work that has been done, and if you have any suggestions, your feedback is highly valuable. Let's connect! Join Discussions All Chapters in Accounting. Introduction Intl. Current Chapter. About Authors Contact Privacy Disclaimer. Follow Facebook LinkedIn Twitter.The accounting cycle is a set of steps that are repeated in the same order every period.

accounting cycle project 2

The culmination of these steps is the preparation of financial statements. Some companies prepare financial statements on a quarterly basis whereas other companies prepare them annually.

This means that quarterly companies complete one entire accounting cycle every three months while annual companies only complete one accounting cycle per year. This cycle starts with a business event. Bookkeepers analyze the transaction and record it in the general journal with a journal entry. The debits and credits from the journal are then posted to the general ledger where an unadjusted trial balance can be prepared.

After accountants and management analyze the balances on the unadjusted trial balance, they can then make end of period adjustments like depreciation expense and expense accruals. These adjusted journal entries are posted to the trial balance turning it into an adjusted trial balance. Now that all the end of the year adjustments are made and the adjusted trial balance matches the subsidiary accounts, financial statements can be prepared.

After financial statements are published and released to the public, the company can close its books for the period. Closing entries are made and posted to the post closing trial balance.

accounting cycle project 2

At the start of the next accounting period, occasionally reversing journal entries are made to cancel out the accrual entries made in the previous period. After the reversing entries are posted, the accounting cycle starts all over again with the occurrence of a new business transaction.

Some textbooks list more steps than this, but I like to simplify them and combine as many steps as possible. After this cycle is complete, it starts over at the beginning. Here is an accounting cycle flow chart. As you can see, the cycle keeps revolving every period. Note that some steps are repeated more than once during a period. Obviously, business transactions occur and numerous journal entries are recording during one period. Only one set of financial statements is prepared however.

Contents 1 What is the Accounting Cycle? Search for:. Financial Accounting Basics Accounting Principles. Accounting Cycle. Financial Statements Financial Ratios Assets.Before you begin working on your project, save your activated project by following the directions in the Saving Your Project box. Click the Journal tab and record your entries directly into the General Journal.

Look at the July 1 Notes Payable Steps 1 and 2 transaction, which has already been entered, for an example of how to make your entries. Use the printed Chart of Accounts as a reference source for the Account Numbers and Account Names that are available Step 1 in Lenny's accounting system. Step 2 Record your postings directly into the General Ledger. As you post an amount to an account Make an entry in the General be sure to enter the General Journal Page into the Journal Page column. See Journal for each transaction and the first posting to the Cash account for an example.

After you post an amount to a post the entry to the General General Ledger account, then hand write an "X" in the Posted column of the printed Ledger accounts. General Journal. This will help you keep track of which entries you have posted. Click on the Trans tab Step 3 in the Accounting Cycle and look at the Additional Information given at the bottom of the screen for information needed to prepare the adjusting entries.

Click the Journal tab and record your At the end of the accounting adjusting entries in the General Journal. Use the printed Chart of Accounts as a period, before preparing the reference source for the Account Numbers and Account Names that are available in financial statements, determine Lenny's accounting system. Put your adjusting entries on Page 4 of the General Journal. As you post an amount to an account be sure to enter the General Journal Page Journal and post the adjusting into the Journal Page column.

After you post an amount to a General Ledger account, entries to the General Ledger click back on the Journal tab and enter an "X" in the Posted column of the General Journal. General Ledger revenue and expense accounts. Place your closing entries on Page 5 of the General Journal. Journal, and post the closing As you post an amount to an account be sure to enter the General Journal Page into entries to the General Ledger the Journal Page column. After you post an amount to a General Ledger account, accounts.

Balance to determine that the accounts in the General Ledger are in balance and ready to start a new Accounting Cycle. Your project is complete! Your instructor will provide you with directions on how to submit your project. Lenny's Lawn Service, Inc.

As an example of how to journalize and post a transaction -- this transaction has already been entered into the General Journal and posted to the General Ledger.

July 5 The Board of Directors declares a cash dividend. The Date of Payment is set as July The supplies are consumed immediately. Lenny's will pay the mower dealer for the supplies in about 2 weeks. The cash that is received is from the new customer for the job that was completed on July 3. July 17 One of the original mowers purchased in January of broke down and is repaired by the mower dealer. Lenny's will pay the mower dealer in 30 days.

These supplies will be consumed over the next 12 months. The advance payment is for 6 months of work which will be performed from August 1, to January 31, July 25 Complete a special mowing job for the golf course.

The property management company will pay the invoice on the 20th of next month. July 31 Pay the cash dividend which was declared on July 5.

accounting cycle project 2

Additional Information. For information related to this mowing equipment see Page 70 in the Solid Footing book.Accounting Cycle is a process of identifying, collecting and summarizing financial transactions of the business with the objective of generating useful information in the form of three financial statements namely Income Statement, Balance Sheet and Cash Flows. It starts with an accounting transaction and ends when the books of accounts get closed.

This step of the accounting cycle is the most critical part. As an investor, you must know how and from where all the financial statements are coming. From the adjusted trial balance, all the financial statements are born. A djusted trial balance prepares four important financial statements:. If an investor can understand these nine steps of the accounting cycle, it would be clear to her how she should approach the company and its progress or decline. The knowledge of this cycle will help her decide whether she should invest in the company or not.

And at the same time, she would get a concrete idea about the financial accounting of the company. This article has been a guide to Accounting cycles and its definition. You may learn more about basic accounting here —. Free Investment Banking Course. Login details for this Free course will be emailed to you. This website or its third-party tools use cookies, which are necessary to its functioning and required to achieve the purposes illustrated in the cookie policy.

By closing this banner, scrolling this page, clicking a link or continuing to browse otherwise, you agree to our Privacy Policy. Forgot Password? Free Accounting Course. What is the Accounting Cycle? Popular Course in this category. View Course. Book Your Free Class Name:. Email ID. Contact No. Please select the batch.All the fields in the dataset Specifies the fields in the dataset to be considered to create the batch topic distribution.

Example: "my new batch topic distribution" newline optional String,default is "LF" The new line character that you want to get as line break in the generated csv file: "LF", "CRLF". For example, to create a new batch topic distribution named "my batch topic distribution", that will not include a header, and will only output the field "000001" together with the probability for each topic distribution.

Once a batch topic distribution has been successfully created it will have the following properties. Creating a batch topic distribution is a process that can take just a few seconds or a few hours depending on the size of the dataset used as input and on the workload of BigML's systems.

The batch topic distribution goes through a number of states until its finished. Through the status field in the batch topic distribution you can determine when it has been fully processed. Once you delete a batch topic distribution, it is permanently deleted. If you try to delete a batch topic distribution a second time, or a batch topic distribution that does not exist, you will receive a "404 not found" response.

However, if you try to delete a batch topic distribution that is being used at the moment, then BigML. To list all the batch topic distributions, you can use the batchtopicdistribution base URL.

The Accounting Cycle

By default, only the 20 most recent batch topic distributions will be returned. You can get your list of batch topic distributions directly in your browser using your own username and API key with the following links. You can also paginate, filter, and order your batch topic distributions. Evaluations Last Updated: Monday, 2017-10-30 10:31 An evaluation provides an easy way to measure the performance of a predictive model.

The type of an evaluation can vary. It can be timeseries type if it is created using a time series. The performance measures provided by BigML will vary depending on the type of evaluation. You can also list all of your evaluations. All the fields in the dataset Specifies the fields in the dataset to be considered to create the evaluation. Specifies the type of ordering followed to pick the instances of the dataset to evaluate the model or ensemble. There are three different types that you can specify: 0 Deterministic 1 Linear 2 Random For more information, see the Section on Shuffling for more details.

The range of successive instances to evaluate the model. Example: "MySample" tags optional Array of Strings A list of strings that help classify and index your evaluation. Note that their use is deprecated, and maintained only for backwards compatibility. For example, to create a new evaluation named "my evaluation" using the first 50 instances in the dataset. Once an evaluation has been successfully created it will have the following properties.

That is, each measure is computed with respect to each class, then the computed values are averaged to get the average measure.

You can read more on macro vs. The full set of matrices is used to construct the rest of the measures. The first threshold is always nil, indicating the case where everything is classified positively. Ranking Measures measure the quality of the ranking provided by the classifier, as estimated from the performance at different operating thresholds.

The canonical curve of this sort is the ROC curve, which shows the false positive rate and the recall at each threshold.Just look at Y2K predictions. And if we had a magic ball, we would have all invested handsomely in bitcoin in 2013 and be close to retirement at this point. We do get some things right, though. Take our ransomware prediction, for instance: WannaCry made that one come to fruition in 2017. Pam Cobb, team lead and product marketing manager for IBM X-Force: At its core, the internet is used to connect people to each other, whether black hats or white hats.

The internet moves pretty fast. The most important lesson to take away from week three of NCSAM is that we must take our collective responsibility for the overall security of the internet seriously or risk facing threats that today we can only imagine. Predictions from venerable experts such as those at IBM Security can serve as a guideline to help users prepare for those challenges, but the only real defense against the evolving cybercrime landscape is a dedication to cybersecurity awareness not just during NCSAM, but year-round.

Security is an essential factor for every business, and we want to help you adapt to and safeguard against its ever-changing landscape. IBM Security Experts Predict the Future of CybersecurityIn addition to the principle theme of shared responsibility, each week of NCSAM has its own theme as well. Artificial Intelligence Becomes IntegralBrian Evans, senior managing consultant: Artificial intelligence (AI) solutions will become an integral part of any cybersecurity program in the not-too-distant future.

An Application Security Wake-Up CallNeil Jones, market segment manager for application security: A major data breach or a physical security incident will result in casual users taking location tracking capabilities on their mobile applications much more seriously. The Rapid Evolution of the IoTRohan Ramesh, senior product marketing manager for Watson for Cyber Security: We are moving toward a more connected world with the Internet of Things (IoT) and rapid evolution of technology and software.

The IoT Becomes UbiquitousJames Murphy, offering manager for Watson IoT Platform: The value of the IoT to society and business will grow as the number and variety of devices connecting to the internet continues to expand. The Year of Mobile Malware. Stop and Look Around Once in a WhilePam Cobb, team lead and product marketing manager for IBM X-Force: At its core, the internet is used to connect people to each other, whether black hats or white hats.

Apply NCSAM Lessons Year-Round for a More Secure FutureThe most important lesson to take away from week three of NCSAM is that we must take our collective responsibility for the overall security of the internet seriously or risk facing threats that today we can only imagine. See All PostsWhat Does Secure Digital Transformation Mean to You.

Read MoreInfusing New Perspectives Into the Cybersecurity Workforce With a New Collar ApproachRead MoreOmnichannel Success Requires Retail Data ProtectionsRead MoreOn-Demand WebinarDo You Speak Risk. Bring Data Security to the C-Suite Getting Ready for GDPRGet actionable insights from experienced IBM professionals. Security Intelligence Analysis and Insight for Information Security Professionals The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of IBM.

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Accounting Cycle

Review our computer's predictions and take advantage of free picks before you place any money on the NBA wagerline. LOOKING FOR EXPERT PICKS ON nba TONIGHT. Making predictions is a tricky business and in no area more so than in the area of rapidly developing technology. The way in which we access and consume information and digital resources is no stranger to change.