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please help me imagine accounting cycle of bakery shop like this photo please help me to imagine Accounting cycle of Ant bakery I ace ocumental

image text in transcribedplease help me imagine accounting cycle of bakery shop
image text in transcribedlike this photo please help me to imagine
Accounting cycle of Ant bakery I ace ocumental backun on son Smart Layout ACCOUNTING CYCLE OF MR.Tea . MR.Tea will present accounting cycle for the period Jan 14 to March 31st. It will cover all transactions during this period. It will follow GAAP which stands for Generally Accepted Accounting Principles. Matching Principle: Mr. Ray should report an expense in the period in which it earns the corresponding revenue. Recognition Principle: Mr. Ray should record the revenue and cost as an when they occur and not when cash is received/ paid. Consistency Principle: GAAP helps MR. Tea maintaining consistency in the appearance of financial information. So the business should choose fixed a set of methods and use them from one period to the next I GAAP helps to keep records of its daily transactions. GAAP helps the business to figure out whether it is making money or not

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