ACCOUNTING CYCLE
A process of recording and processing in the accounting events of a company.
There are steps to follow in an accounting cycle.
These are the nine steps of an accounting cycle:
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Collect and analyze of data from transactions and events.
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Put the transactions into the general journal.
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Post entries to the general ledger.
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Prepare an unadjusted trial balance.
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Adjust entries appropriately.
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Prepare an adjusted trial balance.
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Organize the accounts into the financial statements.
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Close the books.
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Prepare a post-closing trial balance to check the accounts.
It is often called as the "bookkeeping cycle".
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