Accounting Cycle Definition

Below please find a definition of “Accounting Cycle”

Accounting Cycle: There are six steps that are involved in the processing of financial transactions during an accounting period: analysis of transactions as they occur, recording them in the journals, posting debits and credits to the general ledger, adjusting the assets with a trial balance, preparation of financial statements, and last but not the least the closing of financial accounts. All these six steps take place sequentially and are known as the accounting cycle.

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