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Accounting Cycle
The process of recording, classifying, and summarizing financial transactions.

Understanding the Accounting Cycle

1️⃣ Identify Transactions – record every financial activity.
2️⃣ Journal Entries – write transactions in the journal.
3️⃣ Post to Ledger – move entries to the general ledger.
4️⃣ Trial Balance – check that total debits = credits.
5️⃣ Adjust Entries – update for accruals or deferrals.
6️⃣ Financial Statements – prepare income statement & balance sheet.
7️⃣ Close Accounts – reset temporary accounts for the next period.

💡 The accounting cycle keeps your books accurate and ready for reporting.

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