Sample content Accounting Cycle Description Paper ACC/340 Accounting Cycle Description Paper In today’s company culture, the part of accounting is a crucial part of pretty much every big retail company. This is certainly the case with Riordan Manufacturing, Inc.; actually some of companies’ achievement is a direct consequence of its conversion accounting cycle. A lot of people disregard the significance of the part of accounting in company. As per Loflin, the 5 cycles a company could use are the income cycle, the expense cycle, the funding cycle, the fixed asset cycle, as well as the conversion cycle (2008). The truth is a company’s capability to perform all the accounting cycles efficiently and effectively could make or break a company. Strengths and Weaknesses of the Internal Controls As Riordan Manufacturing has a number of different factory sites, each site features its own accounting system. This asset can be viewed as strength; however only for that specific sit

1. ACC 340 Week 2 Accounting Cycle Description
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Sample content
Accounting Cycle Description Paper
ACC/340
Accounting Cycle Description Paper

2. In today’s company culture, the part of accounting is a crucial part of pretty much
every big retail company. This is certainly the case with Riordan Manufacturing,
Inc.; actually some of companies’ achievement is a direct consequence of its
conversion accounting cycle. A lot of people disregard the significance of the part
of accounting in company. As per Loflin, the 5 cycles a company could use are the
income cycle, the expense cycle, the funding cycle, the fixed asset cycle, as well
as the conversion cycle (2008). The truth is a company’s capability to
perform all the accounting cycles efficiently and effectively could make or break a
company.
Strengths and Weaknesses of the Internal Controls
As Riordan Manufacturing has a number of different factory sites, each site
features its own accounting system. This asset can be viewed as strength;
however only for that specific site. The capability of each factory site to access
important fiscal information is easily done at that site, however only for the one
factory site. Combining the related financial information from every site into one
fiscal statement for Riordan Manufacturing is tough to accomplish. The programs
utilized by each factory site is not easily included in one system nor or perhaps the
accounting systems compatible with each other. Internal controls are specified for
every site although not company-wide. As per Bagranoff, Simkin, and Norman
(2008), “internal controls are the policies, plans, as well as processes
executed by a company to safeguard its assets”. Riordan Manufacturing
has yet to accomplish the objective of getting all of its factory sites utilizing the
same accounting information system. The weak point with this particular scenario
is the fact that
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