How many steps does the accounting cycle have❓

How many steps does the accounting cycle have❓

Accounting cycle or accounting cycle is the process of recording transactions that occur in various financial statements, which are recorded from the beginning of accounting until the end of accounting. starting from the analysis of trade transactions to the preparation of a trial balance after closing the account Which will be done in the next trade in the next period. It will be in the manner that cycles until it is the financial statement or the accounting period of that period.

9-step accounting cycle

- Analyze trade transactions

- Save to journal

- Posting to the ledger

- Prepare trial balance

- Save the updated entries to the ledger.

- Prepare trial balance after improvement

- Prepare financial statements

- Record closing transactions in the general journal at the ledger

- Prepare trial balance after wrong account

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