The accounting cycle document describes the key steps in the accounting process. It involves recording transactions in daybooks, posting to ledgers, extracting a trial balance, and making adjustments. The main steps are: 1) Recording transactions in daybooks according to the type of transaction 2) Posting to the sales, purchases, and general ledgers 3) Extracting a trial balance to check the double entry system 4) Making closing entries and adjustments at the fiscal year end