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Review the steps in the accounting cycle and answer the following​ questions:

1. What is the first​ step?
2. Are any steps​ optional?
3. Which steps are completed throughout the​ period?
4. Which steps are completed only at the end of the​ period?
5. What is the last step in the accounting​ cycle?

Respuesta :

Accounting cycle has various steps to discuss, which are listed below,

Explanation:

  • The first step in accounting cycle is to analyze and have a record of transactions.
  • Post closing trial balance is an optional step in the accounting cycle.
  • Journalizing and posting the closing entries are the steps required to complete throughout the accounting period.
  • Adjustments of accounts, preparing the financial statements and closing accounts are completed at the end of accounting cycle period.
  • The last step in the accounting cycle is to post closing trial balance.

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