What is the Accounting Cycle?
What is the accounting cycle? The accounting cycle is a sequence of steps that occur in the accounting period and include the processes of identifying, collecting, analyzing documents, recording transactions, classifying, summarizing, and reporting financial information of an organization."Product life cycle is a business analysis that attempts to identify a set of common stages in the life of commercial products. In other words the 'Product Life cycle' PLC is used to map the lifespan of the product such as the stages through which a product goes during its lifespan. ...
The stages of a product's life cycle... :
1. INTRODUCTION... 2. GROWTH... 3. MATURITY... 4. DECLINE...
The product life cycle is an important concept in marketing. It includes four stages that a product goes through from when it was first thought of until it is eliminated from the industry. Not all products reach this final stage. Some continue to grow and others rise and fall." [Product lifecycle. Wikipedia]
The flow chart example "Product life cycle process" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Flowcharts solution from the area "What is a Diagram" of ConceptDraw Solution Park.
The stages of a product's life cycle... :
1. INTRODUCTION... 2. GROWTH... 3. MATURITY... 4. DECLINE...
The product life cycle is an important concept in marketing. It includes four stages that a product goes through from when it was first thought of until it is eliminated from the industry. Not all products reach this final stage. Some continue to grow and others rise and fall." [Product lifecycle. Wikipedia]
The flow chart example "Product life cycle process" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Flowcharts solution from the area "What is a Diagram" of ConceptDraw Solution Park.
"A Guide to the Project Management Body of Knowledge - Fifth Edition provides guidelines for managing individual projects and defines project management related concepts. It also describes the project management life cycle and its related processes, as well as the project life cycle.
The Guide recognizes 47 processes that fall into five basic process groups and ten knowledge areas that are typical of almost all projects.
The five process groups are:
Initiating,
Planning,
Executing,
Monitoring and Controlling,
Closing.
The ten knowledge areas are:
Project Integration Management,
Project Scope Management,
Project Time Management,
Project Cost Management,
Project Quality Management,
Project Human Resource Management,
Project Communications Management,
Project Risk Management,
Project Procurement Management,
Project Stakeholders Management (added in 5th edition).
Each of the ten knowledge areas contains the processes that need to be accomplished within its discipline in order to achieve an effective project management program. Each of these processes also falls into one of the five basic process groups, creating a matrix structure such that every process can be related to one knowledge area and one process group." [A Guide to the Project Management Body of Knowledge. Wikipedia]
The flow chart example "Project management life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Flowcharts solution from the area "What is a Diagram" of ConceptDraw Solution Park.
The Guide recognizes 47 processes that fall into five basic process groups and ten knowledge areas that are typical of almost all projects.
The five process groups are:
Initiating,
Planning,
Executing,
Monitoring and Controlling,
Closing.
The ten knowledge areas are:
Project Integration Management,
Project Scope Management,
Project Time Management,
Project Cost Management,
Project Quality Management,
Project Human Resource Management,
Project Communications Management,
Project Risk Management,
Project Procurement Management,
Project Stakeholders Management (added in 5th edition).
Each of the ten knowledge areas contains the processes that need to be accomplished within its discipline in order to achieve an effective project management program. Each of these processes also falls into one of the five basic process groups, creating a matrix structure such that every process can be related to one knowledge area and one process group." [A Guide to the Project Management Body of Knowledge. Wikipedia]
The flow chart example "Project management life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Flowcharts solution from the area "What is a Diagram" of ConceptDraw Solution Park.
Steps of Accounting Cycle
The steps of accounting cycle include the processes of identifying, collecting, analyzing documents, recording transactions, classifying, summarizing, posting, and preparing trial balance, making journal entries, closing the books and final reporting financial information of an organization. Use the ConceptDraw DIAGRAM with Accounting Flowcharts Solution to create your own professional Accounting Flowcharts of any complexity quick and easy.Good Flow Chart app for Mac
The ConceptDraw DIAGRAM is a good flow chart app for Mac. Numerous vector stencils, samples and templates created by designers allows you to draw any type of flowchart.Program to Make Flow Chart
Use ConceptDraw DIAGRAM diagramming and business graphics software for drawing your own PM life cycle flow charts.Accounting Cycle Example
Accounting cycle is a sequence of activities which are involved in completing an accounting process. The length of an accounting cycle is changed from organization to organization, this can be month, quarter, half-year, or year. ConceptDraw DIAGRAM diagramming and vector drawing software extended with Accounting Flowcharts Solution from the Finance and Accounting Area of ConceptDraw Solution Park offers the extensive drawing tools, library with ready-to-use vector elements which will help you design any accounting cycle example you need.Use the Best FlowChart Tool for the Job
The ConceptDraw DIAGRAM is a best flow chart tool for the job. The samples and templates included in the basic set allows users to draw any type of a flowchart. The vector stencils created by designers give ability to draw great-looking flowchart. Flowcharts give to users the ability to represent structural data visually.This circular arrows diagram sample depicts the Plan–Do–Check–Act cycle.
"PDCA (plan–do–check–act or plan–do–check–adjust) is an iterative four-step management method used in business for the control and continuous improvement of processes and products. It is also known as the Deming circle/ cycle/ wheel, Shewhart cycle, control circle/ cycle, or plan–do–study–act (PDSA). Another version of this PDCA cycle is OPDCA. The added "O" stands for observation or as some versions say "Grasp the current condition." This emphasis on observation and current condition has currency with Lean manufacturing/ Toyota Production System literature." [PDCA. Wikipedia]
The diagram example "PDCA cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Circular Arrows Diagrams solution from the area "What is a Diagram" of ConceptDraw Solution Park.
"PDCA (plan–do–check–act or plan–do–check–adjust) is an iterative four-step management method used in business for the control and continuous improvement of processes and products. It is also known as the Deming circle/ cycle/ wheel, Shewhart cycle, control circle/ cycle, or plan–do–study–act (PDSA). Another version of this PDCA cycle is OPDCA. The added "O" stands for observation or as some versions say "Grasp the current condition." This emphasis on observation and current condition has currency with Lean manufacturing/ Toyota Production System literature." [PDCA. Wikipedia]
The diagram example "PDCA cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Circular Arrows Diagrams solution from the area "What is a Diagram" of ConceptDraw Solution Park.
The vector stencils library "Circular diagrams" contains 42 templates of circular diagrams: circular arrow diagram, circular motion diagram, arrow ring chart, doughnut chart (donut chart), circle pie chart, diamond pie chart, circle diagram, pie chart, ring chart, loop diagram, block loop diagram, arrow loop circle, crystal diagram, triangular diagram, diamond diagram, pentagon diagram, hexagon diagram, heptagon diagram, cycle diagram (cycle chart), stacked Venn diagram (onion diagram), arrow circle diagram.
Use these shapes to illustrate your marketing and sales documents, presentations, webpages and infographics in the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Use these shapes to illustrate your marketing and sales documents, presentations, webpages and infographics in the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
The vector stencils library "Circular diagrams" contains 42 templates of circular diagrams: circular arrow diagram, circular motion diagram, arrow ring chart, doughnut chart (donut chart), circle pie chart, diamond pie chart, circle diagram, pie chart, ring chart, loop diagram, block loop diagram, arrow loop circle, crystal diagram, triangular diagram, diamond diagram, pentagon diagram, hexagon diagram, heptagon diagram, cycle diagram (cycle chart), stacked Venn diagram (onion diagram), arrow circle diagram.
Use these shapes to illustrate your marketing and sales documents, presentations, webpages and infographics in the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Use these shapes to illustrate your marketing and sales documents, presentations, webpages and infographics in the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
This circular arrows diagram sample shows business process management life cycle.
It was designed on the base of the Wikimedia Commons file: Business Process Management Life-Cycle.svg. [commons.wikimedia.org/ wiki/ File:Business_ Process_ Management_ Life-Cycle.svg]
This file is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license. [creativecommons.org/ licenses/ by-sa/ 3.0/ deed.en]
"BPM life-cycle.
Business process management activities can be grouped into six categories: vision, design, modeling, execution, monitoring, and optimization.
Functions are designed around the strategic vision and goals of an organization. Each function is attached with a list of processes. Each functional head in an organization is responsible for certain sets of processes made up of tasks which are to be executed and reported as planned. Multiple processes are aggregated to function accomplishments and multiple functions are aggregated to achieve organizational goals." [Business process management. Wikipedia]
The arrow donut chart example "BPM life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Circular Arrows Diagrams solution from the area "What is a Diagram" of ConceptDraw Solution Park.
It was designed on the base of the Wikimedia Commons file: Business Process Management Life-Cycle.svg. [commons.wikimedia.org/ wiki/ File:Business_ Process_ Management_ Life-Cycle.svg]
This file is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported license. [creativecommons.org/ licenses/ by-sa/ 3.0/ deed.en]
"BPM life-cycle.
Business process management activities can be grouped into six categories: vision, design, modeling, execution, monitoring, and optimization.
Functions are designed around the strategic vision and goals of an organization. Each function is attached with a list of processes. Each functional head in an organization is responsible for certain sets of processes made up of tasks which are to be executed and reported as planned. Multiple processes are aggregated to function accomplishments and multiple functions are aggregated to achieve organizational goals." [Business process management. Wikipedia]
The arrow donut chart example "BPM life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Circular Arrows Diagrams solution from the area "What is a Diagram" of ConceptDraw Solution Park.
Beauty in nature Illustrations and Clipart
Nature solution expands our software possibilities to create beautiful illustrations and cliparts with the new library which contains 17 vector objects.The cycle diagram sample was created on the base of the figure illustrating the webpage "2. POLICY & STRATEGY" of "Scottish Police College Primary Inspection 2006: A Report by Her Majesty's Inspectorate of Constabulary" from the Scottish Government website.
"Strategic Planning.
2.1 The planning process for the College currently follows a structured approach, starting in April and extending through the financial year. The planning cycle is illustrated in figure 2. ...
2.2 The College recognises the need to consult with its customers and stakeholders in the process of setting objectives and directing the training programme. The planning cycle to date refers to force visits, environmental scanning, the course planning process which involves consultation with all forces and other common police services, as well as to a survey of external providers.
2.3 The information from consultation feeds into an EFQM framework from which the College has identified four key policies, namely:
(1) developing and delivering quality training;
(2) developing our people through lifelong learning;
(3) continuous improvement of our service; and
(4) embracing the changing environment.
2.4 The objectives set at divisional level are designed to contribute to delivering these policies. HMIC found that whilst the selected objectives were presented in line with the structure, not all could be considered to meet SMART (Specific, Measurable, Achievable, Relevant and Timed) criteria. This failure indicates that while the process appears suitably structured to deliver a robust result, some of those involved could perhaps have a better understanding of the process." [scotland.gov.uk/ Publications/ 2007/ 02/ 15134652/ 8]
The cycle diagram example "Strategic planning" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
"Strategic Planning.
2.1 The planning process for the College currently follows a structured approach, starting in April and extending through the financial year. The planning cycle is illustrated in figure 2. ...
2.2 The College recognises the need to consult with its customers and stakeholders in the process of setting objectives and directing the training programme. The planning cycle to date refers to force visits, environmental scanning, the course planning process which involves consultation with all forces and other common police services, as well as to a survey of external providers.
2.3 The information from consultation feeds into an EFQM framework from which the College has identified four key policies, namely:
(1) developing and delivering quality training;
(2) developing our people through lifelong learning;
(3) continuous improvement of our service; and
(4) embracing the changing environment.
2.4 The objectives set at divisional level are designed to contribute to delivering these policies. HMIC found that whilst the selected objectives were presented in line with the structure, not all could be considered to meet SMART (Specific, Measurable, Achievable, Relevant and Timed) criteria. This failure indicates that while the process appears suitably structured to deliver a robust result, some of those involved could perhaps have a better understanding of the process." [scotland.gov.uk/ Publications/ 2007/ 02/ 15134652/ 8]
The cycle diagram example "Strategic planning" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Plan-Do-Check-Act (PDCA)
Plan-Do-Check-Act (PDCA) solution extends the ConceptDraw DIAGRAM software with collection of samples and predesigned vector objects for easy visualization four stages of PDCA cycle, PDSA cycle, or Deming cycle, for illustration effective application of this method to the practical business tasks, for depiction the implementation of changes and solution the problems in business processes. Plan-Do-Check-Act (PDCA) solution helps to design professional-looking and attractive Plan Do Study Act diagrams, PDCA cycle diagrams, PDCA Process diagrams, and to construct the Quality Management Process Models, which all assist to manage efficiently the business processes, to improve quality of work and to reduce significantly the costs.
This arrow loop cycle diagram sample was created on the base of the figure illustrating the webpage "Exploratory Advanced Research Program Hand-Off Workshops" from the US Department of Transportation - Federal Highway Administration (FHWA) website. "The FHWA’s research and technology innovation life cycle illustrates that research and technology development are not insular activities, but integrated processes that together constitute a system.
Following general workshop discussion, a number of common issues emerged among the groups. These centered around the research life cycle, communicating the value of exploratory advanced research, and continued project funding. It was felt that there is a general need to better describe the research and deployment cycle specific to highway transportation and possibly to highway research fields, such as materials or system planning. Research life cycle diagrams show a very linear, chronological process but it is not necessarily that way in reality." [fhwa.dot.gov/ advancedresearch/ pubs/ 11034/ ]
The arrow loop diagram example "Innovation life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Following general workshop discussion, a number of common issues emerged among the groups. These centered around the research life cycle, communicating the value of exploratory advanced research, and continued project funding. It was felt that there is a general need to better describe the research and deployment cycle specific to highway transportation and possibly to highway research fields, such as materials or system planning. Research life cycle diagrams show a very linear, chronological process but it is not necessarily that way in reality." [fhwa.dot.gov/ advancedresearch/ pubs/ 11034/ ]
The arrow loop diagram example "Innovation life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Draw Flowcharts with ConceptDraw
Start design your own flowchart with ConceptDraw DIAGRAM and accomplish great results at the moment.This arrow ring diagram sample was created on the base of the figure illustrating the webpage "Grant Life Cycle" from the Georgia College website. "Grant Life Cycle.
Define Opportunity: Funding opportunities can come from anywhere: databases, agency websites, professional publications or colleagues. GC subscribes to the database GRC. Federal grant opportunities can be found through Grants.gov.
Develop Proposal: Once an opportunity has been identified OGSP will do the following:
(1) Review the announcement for application requirements.
(2) Meet with the Principal Investigator (PI) to develop a project management plan.
(3) Work up a draft budget for PI approval.
(4) Complete the sponsor/ required forms and budget justification to be included in the application.
Submit & Negotiate: Applications can only be submitted by GC or the GC Foundation. Once internal approval has been received, designated staff in the appropriate office will submit the application on behalf of the PI and institution. If awarded, the GC or Foundation personnel will review and negotiate acceptable terms and conditions to GC, GC Fdn and/ or USG.
All of these are part of Pre-award services. ...
Award Setup: OGSP will review award documentation and assist all responsible parties with their roles and responsibilities during the grant. OGSP is available through the life of the award to provide support with any non-financial issues.
Manage Subawards: If subawards were identified at application, OGSP will issue the subaward using GC approved forms. If the need for a portion of the work to be completed by an outside entity is noted in the post-award phase, the Grants Compliance Manager will secure agency approval and then issue the subaward. OGSP will monitor the fiscal aspects of the subaward while the PI is responsible for the programmatic compliance.
Execute Project: OGSP continually monitors each grant for compliance with award terms & conditions. As legal representative, OGSP works with the PI and funder to expedite reports and resolve any issues that might arise.
Close Out Project: Once a grant has reached the end of the project period, all funders have requirements for final progress and financial reports. OGSP will work with the PI to make sure the progress report is submitted in a timely fashion and the Business & Finance completes the final invoices or report. The storage of the official project file is the responsibility of OGSP. All information and reports should be copied to the Grant Compliance Manager for inclusion in the official record." [gcsu.edu/ grants/ grantlifecycle.htm]
The arrow ring diagram example "Grant life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
Define Opportunity: Funding opportunities can come from anywhere: databases, agency websites, professional publications or colleagues. GC subscribes to the database GRC. Federal grant opportunities can be found through Grants.gov.
Develop Proposal: Once an opportunity has been identified OGSP will do the following:
(1) Review the announcement for application requirements.
(2) Meet with the Principal Investigator (PI) to develop a project management plan.
(3) Work up a draft budget for PI approval.
(4) Complete the sponsor/ required forms and budget justification to be included in the application.
Submit & Negotiate: Applications can only be submitted by GC or the GC Foundation. Once internal approval has been received, designated staff in the appropriate office will submit the application on behalf of the PI and institution. If awarded, the GC or Foundation personnel will review and negotiate acceptable terms and conditions to GC, GC Fdn and/ or USG.
All of these are part of Pre-award services. ...
Award Setup: OGSP will review award documentation and assist all responsible parties with their roles and responsibilities during the grant. OGSP is available through the life of the award to provide support with any non-financial issues.
Manage Subawards: If subawards were identified at application, OGSP will issue the subaward using GC approved forms. If the need for a portion of the work to be completed by an outside entity is noted in the post-award phase, the Grants Compliance Manager will secure agency approval and then issue the subaward. OGSP will monitor the fiscal aspects of the subaward while the PI is responsible for the programmatic compliance.
Execute Project: OGSP continually monitors each grant for compliance with award terms & conditions. As legal representative, OGSP works with the PI and funder to expedite reports and resolve any issues that might arise.
Close Out Project: Once a grant has reached the end of the project period, all funders have requirements for final progress and financial reports. OGSP will work with the PI to make sure the progress report is submitted in a timely fashion and the Business & Finance completes the final invoices or report. The storage of the official project file is the responsibility of OGSP. All information and reports should be copied to the Grant Compliance Manager for inclusion in the official record." [gcsu.edu/ grants/ grantlifecycle.htm]
The arrow ring diagram example "Grant life cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
This circular motion diagram sample was created on the base of the figure illustrating the article "Collaboration 2.0" from the HLWIKI International website. "Collaboration is an activity where individuals are motivated to work together in order to achieve certain mutually-desirable, articulated and achievable goals. In the digital age, collaboration 2.0 combines various aspects of web 2.0 and social media with the principles of collaboration. Some critical or typical features of collaboration 2.0 should include:
(1) synchronous collaboration via social calendaring, online meeting software and instant messaging tools,
(2) asynchronous collaboration made possible via shared workspaces and annotation capabilities.
A new form of collaboration is called collaborative information seeking which Wikipedia defines as "... a field of research that involves studying situations, motivations, and methods for people working in collaborative groups for information seeking projects, as well as building systems for supporting such activities. Such projects often involve information searching or information retrieval (IR), information gathering, and information sharing. Beyond that, CIS can extend to collaborative information synthesis and collaborative sense-making." " [hlwiki.slais.ubc.ca/ index.php/ Collaboration_ 2.0]
This file is available under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 Generic Licence. [creativecommons.org/ licenses/ by-nc-sa/ 2.5/ ]
The circular arrow diagram example "Collaboration life-cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
(1) synchronous collaboration via social calendaring, online meeting software and instant messaging tools,
(2) asynchronous collaboration made possible via shared workspaces and annotation capabilities.
A new form of collaboration is called collaborative information seeking which Wikipedia defines as "... a field of research that involves studying situations, motivations, and methods for people working in collaborative groups for information seeking projects, as well as building systems for supporting such activities. Such projects often involve information searching or information retrieval (IR), information gathering, and information sharing. Beyond that, CIS can extend to collaborative information synthesis and collaborative sense-making." " [hlwiki.slais.ubc.ca/ index.php/ Collaboration_ 2.0]
This file is available under a Creative Commons Attribution-NonCommercial-ShareAlike 2.5 Generic Licence. [creativecommons.org/ licenses/ by-nc-sa/ 2.5/ ]
The circular arrow diagram example "Collaboration life-cycle" was created using the ConceptDraw PRO diagramming and vector drawing software extended with the Target and Circular Diagrams solution from the Marketing area of ConceptDraw Solution Park.
www.conceptdraw.com/ solution-park/ marketing-target-and-circular-diagrams
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