This document outlines the key steps in the accounting cycle: 1) collecting and analyzing source documents, 2) recording journal entries, 3) posting to ledger accounts, 4) preparing a trial balance, 5) making adjustment entries, 6) preparing an adjusted trial balance, 7) creating financial statements from the adjusted trial balance, and 8) making post-closing entries and a post-closing trial balance to transfer balances to the next accounting period. The accounting cycle is completed at the end of each period to accurately report the company's financial performance and position.