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(Solved) 1. Accounting cycle step which is that is most important to you? which one and why?


1. Accounting cycle step which is that is most important to you? which one and why?

1.Transactions is the first two steps in the accounting cycle - identifying and analyzing transactions.

2.Post transactions is the three and four step involve making individual journal entries for each transaction, then posting all new journal entries to the general ledger.

3.Balancing the books is he next three steps in the accounting cycle are creating a trial balance, making adjusting entries and preparing an adjusted trial balance.

4.Financial statements is the next step in the accounting cycle is to create financial statements for internal and external uses. 

5.Closing step In the process of working up to the financial statements, accountants post balances in a number of temporary accounts, such as revenue and wage

expenses, which must be emptied before the next accounting cycle begins. 

 


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