Understanding the Accounting Cycle: Key Steps and Processes Explained

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Finance - Personal Finance

michael1tekrzp Created by 10 mon ago

Cards in this deck(10)

The first step in the accounting cycle involves _____ and analyzing the events to be recorded.

The process of _____ transactions in the journal is a crucial step in the accounting cycle.

After journal entries are made, the next step is _____ them to the ledger.

To ensure debits equal credits, accountants prepare the _____ balance.

Preparing the _____ and adjusting entries is essential for accurate financial reporting.

The culmination of the accounting cycle is _____ the financial statements.

_____ and posting of adjusting journal entries ensure that revenues and expenses are recorded in the correct period.

The process of _____ and posting of closing journal entries helps reset temporary accounts for the next period.

After closing entries, accountants prepare the _____ trial balance to ensure all temporary accounts are closed.

The _____ and posting of reversing journal entries is an optional step to simplify the recording of future transactions.

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