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Identify steps in the accounting cycle

Identify steps in the accounting cycle
Business   Accounting   
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Answer #1

Accounting involves book keeping, ledger posting, analysis of transactions and classification of transacctions into financial information which is presented in specified formats.

The following are the different steps in Accounting Cycle:

  • Occurance of Business Transactions
  • Recording of business transactions in Journal books, i.e., Journalising.
  • Posting the journal entries into respective Ledger accounts.
  • Preparation of Trial Balance.
  • Preparation of Financial Statements which contains Balance Sheet, Statement of Profit and Loss, Cash Flow Statement and other statments required.
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