#1  
20th September 2011, 01:21 AM
 
Join Date: Sep 2011
Posts: 1

What are the steps involved in accounting cycle?


Explain the steps(in sequence form)involved in the accounting cycle.




  #2  
20th September 2011, 11:56 AM
nagamalleswararaoyaramasu
Senior Member
 
Join Date: Jun 2011
Posts: 826
Default Re: What are the steps involved in accounting cycle?

The 8 steps in an accounting cycle are
Record transactions in journal.
Post transactions to ledger accounts.
Prepare adjusting entries at end of fiscal period and post to ledger accounts.
Prepare summary of account balances.
Prepare income statement from revenue and expense account balances.
Close revenue and expense accounts to Retained Earnings.
Prepare post-closing summary of account balances.
Prepare balance sheet and statement of cash flows.
thank you for asking this question
thanks&regards
nagamalleswararao
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