Explore BrainMass
Share

Explore BrainMass

    Steps in the Accounting Cycle Explanation

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    What are the steps in the accounting cycle? List and explain.

    © BrainMass Inc. brainmass.com October 10, 2019, 4:00 am ad1c9bdddf
    https://brainmass.com/business/the-accounting-cycle/steps-accounting-cycle-explanation-445586

    Solution Preview

    Please find the solution attached

    List and explain the steps in the accounting cycle.
    The accounting cycle is the steps involved in accounting. There are ten steps to the accounting cycle:
    1. Analyze transactions,
    2. Journalize,
    3. Post transactions to the ledger,
    4. Prepare the unadjusted trial balance,
    5. Adjust the trial balance,
    6. Prepare the adjusted trial balance,
    7. Prepare the financial statements
    8. Close the temporary accounts,
    9. Prepare a post-closing trial balance
    10. Reverse

    Steps 1 through 3 - occur often throughout the accounting period.
    Steps four through 10 - only occur at the end of the accounting period.

    The accountant considers the transactions first then enters them in the general journal, they are then ...

    Solution Summary

    This solution lists and explains the steps in the accounting cycle in 473 words.

    $2.19