A DBA can be highly beneficial for business marketing, but setting up bank accounts in the name of a DBA rather than in the legal name of the individual or entity that owns the business can be complex and require documentation proving that you have a right to use the business name.
Most businesses use double entry accounting, a system in which every financial event causes two transactions, a debit in one account and an equal offsetting credit in another account. When a company establishes an accounting system, it must choose to use either a single entry system or a double entry system.
DEFINITION of 'Accounting Cycle'. The name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.The nine steps of the accounting cycle are: 1  Collecting and analyzing data from transactions and events.he name given to the collective process of recording and processing the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. The nine steps of the accounting cycle are: