What is Accounting cycle? what are the steps in Accounting cycle?

The cycle does not end with the presentation of financial statements. Several steps are needed to be done to prepare the accounting system for the next cycle.

STEPS

1. Identifying and Analyzing Business Transactions

2. Recording in the Journals

3. Posting to the Ledger

4. Unadjusted Trial Balance

5. Adjusting Entries

6. Adjusted Trial Balance

7. Financial Statements

8. Closing Entries

TRANSACTIONS >  JORNALS>LEDGER>TRIAL BALANCE>P&L > FINALLY BALANCE SHEET

THEN AGAIN START WITH SAME

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