Identifying steps in the accounting cycle Review the steps in the accounting cycle, and answer the following questions: What is the first step? Are any steps optional? Which steps are completed throughout the period? Which steps are completed only at the end of the period? What is the last step in the accounting cycle?

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter16: Financial Statements And Closing Entries For A Corporation
Section16.5: Preparing A Post-closing Trial Balance
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Identifying steps in the accounting cycle

Review the steps in the accounting cycle, and answer the following questions:

  1. What is the first step?
  2. Are any steps optional?
  3. Which steps are completed throughout the period?
  4. Which steps are completed only at the end of the period?
  5. What is the last step in the accounting cycle?
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