Question

The recurring steps performed each reporting period in preparing financial statements, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the___:

Answer 1

Answer:

Accounting Cycle

Explanation:

The accounting cycle includes the steps taken from transaction to recording of these transaction and preparation of annual financial statement and closing of books is known as accounting cycle. These are the tasks that are repetitive and the management follow all these steps to present a financial statement presents a true and fair picture of financial stance of the organization.