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Define accounting Cycle and Name the steps of Accounting Cycle

Define accounting Cycle and Name the steps of Accounting Cycle

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an accounting cycle is the collective process of identifying , analysing , and recording the accounting event of a company. The series of steps begins when a transaction occurs and ends with its inclusion in the financial statement. Additional accounting records used during the accounting cycle includes the journal, ledger and trial balance   STEPS OF ACCOUNTING CYCLE 1. ANALYSING THE TRANSACTION AS THEY OCCUR. 2. RECORDING THEM IN THE JOURNAL 3.POSTING DEBITS AND CREDITS FROM JOURNAL ENTRIES TO JOURNAL LEDGER 4. ADJUSTING THE ASSEST WITH A TRIAL BALANCE 5. PREPARE FINANCIAL STATEMENT 6. CLOSING THE TEMPORARY ACCOUNTS

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