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The accounting cycle refers to a series of steps that occur every month. The accounting cycle has the following steps: transactions, source documents, subsidiary journals, general ledger, retail balance, Income statement and the balance sheet.
A source document is completed for every transaction as proof of that transaction. The source documents that you learn about at the grade 8 level include duplicate receipt, cash register roll, cash invoices, bank deposit slips, cheque counterfoil and bank statements.
Subsidiary journals are a point of first entry meaning that when a transaction is entered in the accounting records it is first entered into a journal and because there are so many types of transactions and source documents there is also a wide range of journals.