ACCOUNTS-SUBJECT

Accounting Cycle

Accounting Cycle

The process of steps that are included from collection of transactions to the end of the financial statements. The steps as follows:

1) Data collection from the transactions happen

2) Posting in to journals

3) Posting in to Ledger

4) Preparing the trail balance with out adjustments

5) Adjustments to the trail balance prepared

6) Organizing the books of final accounts

7) Closing the books of accounts

8) Posting the post closing trail balance to verify the books of accounts

This steps also knows as bookkeeping cycle