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In a very simple way, It is a complete report on the profitability of the business that starts with identifying, recording, analyzing, summarizing and communicating. The end product of the cycle is to prepare a complete statement that can be ready for internal and external decision makers. It may differ from company to company but the complete cycle starts from journal, ledger, Trial balance, adjustment, financial statement, closing entres. The process repeats the next accounting period. Modern software made the cycle in a very easy way.
