Question

The first required step in the accounting cycle is

Answer 1

The First required step in the accounting cycle is "preparation of journal" ...It involves journalizing/recording raw data in more detailed manner in the form of journal entries on the basis of chronological order of transactions... Journal entries are made after segregating each transaction into concerned accounts of Personal account,real account , nominal account..and by following the golden rules of accounting for these accounts for the purpose of making entries in the journal..

The three golden rules for accounting are-

Personal account - Debit the reciever,Credit the giver.

Real account - Debit what comes in , credit what goes out.

Nominal account - Debit all expenses and losses , credit all incomes and gains

Answer 2

very first step on accounting is  transactions.
 2. journal entries 
3.poisting 
4. trail balance 
5. worksheet 
6.adjusting journal entries 
7.financail statement 
8. cloosing  the books.