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Describe the stages of accounting cycle.

Describe the stages of accounting cycle.

Answers

1)Obtain information about external transactions from source documents.
2)Analyze transactions.
3)Record the transactions in a journal.
4)Post from the journal to the general ledger accounts.
5)Prepare an unadjusted trial balance.
6)Record adjusting entries and post to the general ledger accounts.
7)Prepare an adjusted trial balance.
8)Prepare financial statements.
9)Close the temorary accounts to retain earnings.
10)Prepare a post-closing trial balance.

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ERICK MOGAKA answered the question on September 27, 2017 at 06:33

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