Question

You've just created and emailed the financial statements to your boss. what is the next step you should do in the accounting cycle?

Answer 1

Since you've created and emailed the financial statements to your boss, you should close out the revenue and expense accounts.

What are the steps of the accounting cycle?

In Financial accounting, the steps that are involved in the accounting cycle include the following:

• Identifying the transactions.

• Recording the transactions in a journal.

• Posting the transactions.

• Preparing the unadjusted trial balance.

• Analyzing the worksheet.

• Adjusting the discrepancies in journal entry.

• Preparing a financial statement.

• Closing the books.

Based on the steps highlighted above, we can deduce that the next step you should take in the accounting cycle is to close out the revenue and expense accounts, after creating and emailing the financial statements to your boss.

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