The Following Are the Steps in the Accounting Cycle

question 102

Essay

The following are the steps in the accounting cycle. List them in the order in which they are completed:
Prepare adjusted trial balance
Post transactions
Prepare an unadjusted trial balance
Journalize transactions
Prepare the financial statements
Close the temporary accounts
Adjust the ledger accounts
Prepare a post-closing trial balance
Analyze transactions

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Definitions:

Bailment

The act of temporarily placing control over, or possession of, personal property by one person into the hands of another, under agreement.

Reasonable Care

A legal standard implying that a person or entity should act with the caution and prudence that a reasonable person would use in similar circumstances.

Conditional Gift

A gift given with specific conditions attached, which must be fulfilled for the gift to be fully transferred to the recipient.

Engagement

A formal agreement to get married or, in business, the act of hiring services or establishing a professional relationship.