Question

Please explain Accounting cycle????​

Answer 1

The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements. Additional accounting records used during the accounting cycle include the general ledger and trial balance.

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Answer 2

Answer:The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

Explanation:

Identifying, collecting and analyzing documents and transactions

Recording the transactions in journals

Posting the journalized amounts to accounts in the general and subsidiary ledgers

Preparing an unadjusted trial balance and perhaps preparing a worksheet

Determining and recording adjusting entries

Preparing an adjusted trial balance

Preparing the financial statements

Recording and posting closing entries

Preparing a post-closing trial balance

Recording reversing entries