Acc 421 Accounting Cycle Paper

Accounting Cycle Paper ACC 421 Accounting Cycle Paper The accounting cycle is an organized set of rules used to confirm the accurateness and compliance of the financial statements in a company (Investopedia, 2011). The process recurs in each reporting period and begins when a transaction takes place and concludes with its enclosure in the financial statements. The corporate office of Pick-n-Pull Auto Dismantlers includes an accounting department that consists of a chief financial officer, the accounting team, and the accounts receivable analyst team. Each department has its own group of people, processes, and systems for daily activities. At the end of the month, all information becomes consolidated to close the books. In 1987, Pick-n-Pull Auto Dismantlers (PNP) emerged into a chain of self-service auto parts stores providing recycled auto parts for end-of-life-vehicles. It became a subsidiary of Schnitzer Steel Industries in 2003 (Schnitzer Steel Industries, Inc., 2011). PNP has been providing recycled original equipment manufacturer (OEM) parts for all makes and models of foreign and domestic vehicles for more than 20 years. In 2011, PNP acquired three stores in Washington bringing its total locations to 50 (Pick-n-Pull, 2011). PNPs corporate office is in Rancho Cordova, CA, where the accounting department