What Is the First Step in the Accounting Cycle

question 105

Short Answer

What is the first step in the accounting cycle?

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Definitions:

Schedule

A plan for carrying out processes or events, specifying the times and, optionally, the resources required.

Cycle Times

The total time from the beginning to the end of a process, procedure, or activity, including process and waiting times.

Assembly Line

A manufacturing process in which parts are added as the semi-finished assembly moves from workstation to workstation where the parts are added in sequence until the final assembly is produced.

Task Times

The duration required to complete specific tasks or activities in a process.