Transcription of Steps in Accounting Cycle with Examples - Tutorial Kart
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Steps in Accounting Cycle with Examples - Tutorial Kart
9 Steps in Accounting Cycle Explained with ExamplesAccounting Cycle Steps : Accounting Cycle is an Accounting procedure starting from recording of businesstransactions and ends in final preparation of financial statements for reporting. It is a step by step process ofaccounts collecting, recording, maintaining and reporting. A book keeper of company track all the process ofaccounting from the starting of transaction to closing of Accounting Cycle process can continue in whole fiscal year as long as company business following are the Steps that forms an Accounting cycle1. Collection of Transactions2. Recording transactions into journal entries3. post entries into Ledger accounts4. Prepare unadjusted trial balances5. Prepare adjusting entries6. Prepare adjusted trial balances7. Prepare financial statements8.
Prepare closing entries 9. Prepare post closing trial balances Collection of transactions Every business involves various types of transactions on daily basis, i.e. purchase of goods, sales, payments, purchases, banking, etc. All this business transactions should be collected for analyzing, measuring and recording.
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