Contents

• Introduction 3
• Accounting Cycle 3
• Steps of Accounting Cycle 3
• Transaction Journalizing 3
• Posting from journals to general ledger 4
• Preparation of unadjusted trial balance 4
• Record Adjusted Entries 4
• Preparation of Adjusted Trial Balance 4
• Preparation of Financial Statements 4
• Recording of closing entries 4
• Omission of one step 4
• Financial Statement 5
• Conclusion 5
• Works Cited 6

Description

The Accounting Cycle is the sequence of steps which involves the repetition of each period of reporting. The process of accounting cycle starts with the entries of accounts for each and every transaction and it continues with the closing of books (Bookboon, 2013).
The accounting cycle is the chain of actions that businesses and organizational bodies perform to trail transactions and strengthen financial information of a particular accounting period. It is executed in a 10-step series that concludes in the presentation of comprehensive financial statements. The 10 steps include analyzing transactions, entering of the journal entries of the transactions, transformation of the journal entries into the general ledger, crafting of the unadjusted trial balance, adjustment of the entries in the trial balance, preparation of an adjusted trial balance, processing of financial statements, closing provisional accounts, preparation of the post-closing trial balance and reverse entries (Caule, 2025).