The Accounting Cycle Flashcards
1
Q
What is the accounting cycle?
A
The accounting cycle is the name given to the sequence of events and processes that are used to develop the financial records of a business.
2
Q
What are the six steps in the accounting cycle?
A
Source documents Posting to the books of original entries Posting to the ledger accounts Preparing the trial balance Making adjustments to the trial balance Preparation of the financial statements
