Question

Last step of accoun ng process is,
a. Provide informa on to various par es who are interested in business
b. Record transac ons in the books
c. To make summary in the

Answer 1

Answer:

The eight-step accounting cycle is important to know for all types of bookkeepers. It breaks down the entire process of a bookkeeper’s responsibilities into eight basic steps. Many of these steps are often automated through accounting software and technology programs. However, knowing and using the steps manually can be essential for small business accountants working on the books with minimal technical support.

KEY TAKEAWAYS

The accounting cycle is a process designed to make financial accounting of business activities easier for business owners.

There are usually eight steps to follow in an accounting cycle.

The closing of the accounting cycle provides business owners with comprehensive financial performance reporting that is used to analyze the business.

The eight steps of the accounting cycle are as follows: identifying transactions, recording transactions in a journal, posting, the unadjusted trial balance, the worksheet, adjusting journal entries, financial statements, and closing the books.