Accounting Cycle

Is a series of steps whose end purpose is to provide useful information to decision makers.  These steps in order are: 1.       Analyze the business transactions from source documents.   2.       Record the transactions by entering them in the general ledger.  3.       Post the journal entries to the ledger, and prepare a trial balance.  4.       Adjust the accounts, and prepare an adjusted trial balance.  5.       Prepare financial statements.  6.       Close the accounts, and prepare a post-closing trial balance.
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