Accounting Cycle

Steps and definitions

step 1

Analyze and Identify

step 2

Record Transactions

step 3

Post to general ledger

step 4

Prepare unadjusted trial balance

step 5

Prepare adjusting entries

step 6

Prepare adjusted trial balance

step 7

Prepare financial statements

step 8

Prepare closing entries

step 9

Post closing entries

step 10

Close books