The recurring steps performed each accounting period,starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance,are referred to as the:
A)Accounting period
B)Operating cycle
C)Accounting cycle
D)Closing cycle
E)Natural business year

Question

Quizplus · Accepted Answer

The accounting cycle refers to the recurring steps performed each accounting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance. This includes tasks such as posting to the ledger, preparing an unadjusted trial balance, adjusting entries, preparing financial statements, closing entries, and preparing a post-closing trial balance.

The Recurring Steps Performed Each Accounting Period,starting with Analyzing and Recording