Question

Explain in your own words the process of Accounting cycle. Marks will be only given if written in own words and is not copy pasted.

Answer 1

Accounting cycle

Step-by-step explanation:

Accounting cycle is the sequence of accounting procedures to record, classify and summarize accounting information.

The processes include;

• Analyzing and Classify Data about an
• Economic Event.
• Journalizing the transaction.
• Posting from the Journals to General Ledger.
• Preparing the Unadjusted Trial Balance.
• Recording Adjusting Entries.
• Preparing the Adjusted Trial Balance.
• Preparing Financial Statements.
• Recording Closing Entries.
• Preparing a Closing Trial Balance.
• Recording Reversing Entries.