Identifying steps in the accounting cycleReview 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?

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Asked Dec 18, 2019
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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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Expert Answer

Step 1

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

Step 2

1.

The first step of an accounting cycle is to open the T-accounts with the beginning balances.

Step 3

2.

Yes, preparing of worksheet is an option...

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