The Following Are All the Steps in the Accounting Cycle

question 95

Essay

The following are all the steps in the accounting cycle. List them in the order in which they should be done.- Closing entries are journalized and posted to the ledger.- An unadjusted trial balance is prepared.- An optional end-of-period spreadsheet
(work sheet) is prepared.- A post-closing trial balance is prepared.- Adjusting entries are journalized and posted to the ledger.- Transactions are analyzed and recorded in the journal.- Adjustment data are assembled and analyzed.- Financial statements are prepared.- An adjusted trial balance is prepared.- Transactions are posted to the ledger.

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Definitions:

Federal Court

A Federal Court is a court established by the federal government of a country, having jurisdiction over matters specifically reserved for the national government by the constitution.

State Court

The judiciary body at the state level in the United States, handling legal disputes and interpreting state laws.

Not Guilty

A legal verdict indicating that there is not enough evidence to prove beyond a reasonable doubt that the individual committed the crime they were charged with.

Criminal Case

A legal proceeding against an individual or organization accused of violating laws that protect the public's moral or physical welfare, resulting in penalties like imprisonment or fines.