The accounting cycle is a series of steps that process the accounting information contained in its transactions, events, and arrangements. What are the steps involved in this task?
A) Record, organize, close, report
B) Organize, record, report, analyze
C) Record, organize, summarize, report
D) Analyze, prepare, record, report

Question

Quizplus · Accepted Answer

The accounting cycle typically involves recording transactions, organizing them in a meaningful way, summarizing the information into financial statements, and then reporting these statements to stakeholders.

The Accounting Cycle Is a Series of Steps That Process