the goal of this activity is to demonstrate the ability to list the steps of the accounting cyckle in order

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jkjjoijjm1922 jkjjoijjm1922

05-12-2022
Business

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the goal of this activity is to demonstrate the ability to list the steps of the accounting cyckle in order

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Qwtea Qwtea · Answer 1 · 2022-12-07T11:11:47-05:00

Either the question is incomplete or it is a spam question.

But still, the following answer is given considering the question as: the steps involved in the accounting cycle.

There are the following steps involved in the accounting cycle:

Identify the transactions in the day to day business, as such which transaction is of a financial nature which is to be recorded in the financial statements.
The next step involves the preparation of journal entries for the recorded transactions.
Next steps involves the posting of the recorded transactions in the ledger accounts in order to get a detailed view of the transactions.
Now, prepare the trial balance which is unadjusted right now. The trial balance should be matched.
With the help of the trial balance and the ledger accounts, prepare the financial statements of the entity. The financial statements include the preparation of trading account, profit or loss account and balance sheet of the entity in order to know the financial position of the concern.

6. Now post the closing journal entries at the end of the accounting period.

To know more about accounting cycle:

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