Question

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?

Answer 1

Ans.1) identify business events, analys business transactions and record them as a journal entries.

Ans.2) completeing worksheet and working notes is optional in accounting cycle.

Ans.3) Journalizing transaction and posting to the accounts.

Ans.4)Adjusting accounts, prapering final statement, and closing accounts.

Ans.5) the last step of accounting cycle is prepare post closing trial balance sheet.