Please list the steps of the accounting cycle.Why is this important to the accounting profession?
Solution
Accounting cycle means the cycle by which we convert the raw data into proper financial
statements that provides information to outsiders and stakeholders and easier to understand
Steps in accounting cycle are as follows:
1) Transaction
2) Journal Entries
3) Posting in Ledger
4) Preparing trial balance
5) Worksheet
6) Adjusting journal entries
7) Preparing financial statements
8) Closing the books of accounts.
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Please list the steps of the accounting cycle.Why is this important .pdf
1. Please list the steps of the accounting cycle.Why is this important to the accounting profession?
Solution
Accounting cycle means the cycle by which we convert the raw data into proper financial
statements that provides information to outsiders and stakeholders and easier to understand
Steps in accounting cycle are as follows:
1) Transaction
2) Journal Entries
3) Posting in Ledger
4) Preparing trial balance
5) Worksheet
6) Adjusting journal entries
7) Preparing financial statements
8) Closing the books of accounts
