XACC290WEEK5 - XACC/290 WEEK 5 DQS Accounting Cycle What...

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XACC/290 WEEK 5 DQ’S Accounting Cycle What are the steps in completing the accounting cycle? How do the different steps affect the financial statements? What is the effect on the financial statements of missing a step when completing the accounting cycle? The accounting cycle steps are as following: Analyze business transactions, Journalize the transaction, Post to ledger accounts, Prepare a trial balance, Journalize and post adjusting entries: Deferrals/Accruals, Prepare an adjusted trial balance, Prepare financial statements: Income statement Retained earnings statements Balance sheet, Journalize and post closing entries, Prepare a post-closing trial balance. The first two steps in the accounting cycle identifying and analyzing transaction depend on data from primary transaction sources, such as cash register tapes and cashiers' daily reports. Steps three and four involve making individual journal entries for each transaction, then posting all
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