9: Accounting Cycle

• Accounting period or fiscal period is each segment of time, usually in a year, in which statements are prepared in order to know the results of the business operation during that particular period of time.
• An accounting period may be annual, semi-annual, quarterly, or monthly.
• Steps in an accounting cycle:

  1. Journalizing
  2. Posting
  3. Trial Balance
  4. Adjusting Entries
  5. Financial Statements
  6. Worksheet
  7. Closing Entries
  8. Post-Closing Trial Balance