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Steps in the Accounting Cycle

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What are the steps in the accounting cycles? Please list and explain.

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The solution discusses the steps in the accounting cycle.

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Steps in the accounting cycle:

1. Identify transactions -

The first step is to identify the event as a transaction, and to generate the appropriate documents for that transaction or set of transactions. Knowing what constitutes a transaction in accounting the key to this step. After the transactions have all been gathered, the accountant can move on to performing the second step.

2. Analyze the transactions -

Determine the transaction amount, which accounts are affected by the transaction, and in what direction the transactions are to occur. By identifying the necessary information from analyzing each ...

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