Question

Review the steps in the accounting cycle and answer the following​ questions:

Answer 1

Accounting cycle has various steps to discuss, which are listed below,

Explanation:

• The first step in accounting cycle is to analyze and have a record of transactions.

• Post closing trial balance is an optional step in the accounting cycle.

• Journalizing and posting the closing entries are the steps required to complete throughout the accounting period.

• Adjustments of accounts, preparing the financial statements and closing accounts are completed at the end of accounting cycle period.

• The last step in the accounting cycle is to post closing trial balance.