What is the Accounting Cycle and What are Accounting Cycle Steps?
The Accounting Cycle is a complete and steps by step process of analyzing, recording, accepting and summarization the business transactions. Basically, the accounting cycle is the flow of developing financial statements. So that we can make a decision about our business. What are we getting from our financial activities and what we are losing?
Steps of Accounting Cycle
If we talk about the steps of the accounting cycle. Few experts consider 8 steps and few consider 9 steps. Few consider the Closing and Adjusting entries the part of Accounting cycle. Now we are going to discuss all steps one by one so that we will have a clear understanding of the Accounting Cycle process