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Steps in the Accounting Cycle Explanation

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

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

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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 ...

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