Steps of accounting cycle
The accounting cycle is a series of steps that companies use to track and manage their financial transactions. Here’s a simplified breakdown of the steps involved: 1. **Identify Transactions**: Collect and identify all financial transactions that occurred during the accounting period. 2. **Record Transactions in Journal**: Enter each transaction into the accounting journal in chronological order. This is often called "journalizing." 3. **Post to Ledger**: Transfer the journal entries to the general ledger, which organizes transactions by account. 4. **Prepare an Unadjusted Trial Balance**: Summarize the ledger accounts to ensure that debits equal credits. This helps to identify any errors. 5. **Make Adjusting Entries**: Adjust entries for accrued and deferred items to ensure that revenues and expenses are recognized in the period they occur. 6. **Prepare an Adjusted Trial Balance**: Create a new trial balance after adjusting entries to ensure debits still equal credits. 7. **Prepare Financial Statements**: Use the adjusted trial balance to prepare the income statement, balance sheet, and cash flow statement. 8. **Close the Books**: Close temporary accounts (revenues, expenses, and dividends) to retained earnings to prepare for the next accounting period. This involves making closing entries. 9. **Prepare a Post-Closing Trial Balance**: Ensure that all temporary accounts have been closed and only permanent accounts remain. This final trial balance should still balance. 10. **Review and Analyze**: Review the financial statements
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