Final answer:
The initial step of the accounting cycle is analyzing transactions. This step precedes journal entries, general ledger postings, and all other steps in the accounting process.
Step-by-step explanation:
The first step of the accounting cycle is c) Analyzing transactions. This process involves identifying economic events that affect the financial position of the company and determining the transaction's effect on the accounting equation. Each transaction is analyzed to determine which accounts are affected and how they are affected (i.e., increase or decrease, and by how much). Only after transactions are analyzed and recorded as journal entries can they be posted to the general ledger, which is a later step in the accounting cycle.