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Explain in your own words the process of Accounting cycle. Marks will be only given if written in own words and is not copy pasted.

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Answer:

Accounting cycle

Explanation:

Accounting cycle is the sequence of accounting procedures to record, classify and summarize accounting information.

The processes include;

  • Analyzing and Classify Data about an
  • Economic Event.
  • Journalizing the transaction.
  • Posting from the Journals to General Ledger.
  • Preparing the Unadjusted Trial Balance.
  • Recording Adjusting Entries.
  • Preparing the Adjusted Trial Balance.
  • Preparing Financial Statements.
  • Recording Closing Entries.
  • Preparing a Closing Trial Balance.
  • Recording Reversing Entries.
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