Accounting Cycle

Card Set Information

Author:
Anonymous
ID:
214151
Filename:
Accounting Cycle
Updated:
2013-04-17 18:22:21
Tags:
accounting trial balance
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Description:
Steps in the Accounting Cycle
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  1. Step 1
    Analyze transactions.
  2. Step 2
    Journalize.
  3. Step 3
    Post from journal to ledger.
  4. Step 4
    Prepare unadjusted trial balance.
  5. Step 5
    Adjust.
  6. Step 6
    Prepare adjusted trial balance.
  7. Step 7
    • Prepare statements.
    • Income Statement,
    • Statement of Owner's Equity,
    • Balance Sheet.
  8. Step 8
    • Close temp accounts.
    • Revenue,
    • COGS,
    • Expenses.
  9. Step 9
    Prepare post-closing trial balance.

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