Accounting Cycle: Everything Explained| 10 steps of Accounting Cycle

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In accounting, we all know that the accounting cycle is of immense importance. For better accounting studying, it is very important to understand the accounting cycle. It is sometimes very hard for beginners and non-accountants to recognize the accounting cycle.

So, in this video, we will learn:
1. What is the Accounting Cycle? And
2. What are the 10 steps of the Accounting Cycle?

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So, let’s get started.

1. What is the Accounting Cycle?
According to the going concern concept, it is expected that business will continue on forever. The accounting process starts through the identification of transactions and ends with preparing financial statements. These processes are rotated continuously in every accounting period.
So it is said that the accounting cycle is the continuous process of recording and processing all transactions of an organization.

2. 10 Steps of Accounting Cycle:

10 steps of the accounting cycle are as follows:
1. Identification of Transaction
2. Journalizing
3. Posting to Ledger
4. Preparation of Trial Balance
5. Adjusting Entry
6. Adjusted Trial Balance
7. Preparation of Financial Statements
8. Closing Entry
9. Post-Closing Trial Balance
10. Reversing Entry
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