Question

which are steps in the accounting cycle? (select all that apply) multiple select question. record transaction in the journal determine investment opportunities build a budget

Answer 1

The steps in the accounting cycle includes:

• A. record transaction in the journal
• C. build a budget

What is an accounting cycle?

In financial accounting, an accounting cycle refers to the collective process of identifying, analyzing, and recording the accounting events of a company. This cycle is a standard 8-step process that begins when a transaction occurs and ends with its inclusion in the financial statements.

This cycle is often a methodical set of rules to ensure the accuracy and conformity of financial statements. An uniform process of the accounting cycle have helped to reduce mathematical errors and today, most software fully automates the accounting cycle which results in less human effort and errors associated with manual processing.

In conclusion, the key steps in the 8 step accounting cycle include the followings such as recording journal entries, posting to the general ledger, calculating trial balances, making adjusting entries and creating financial statements.

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