Review the steps in the accounting cycle and answer the following questions:

1. What is the first step?

2. Are any steps optional?

3. Which steps are completed throughout the period?

4. Which steps are completed only at the end of the period?

5. What is the last step in the accounting cycle?

Accounting cycle has various steps to discuss, which are listed below,

Explanation:

The first step in accounting cycle is to analyze and have a record of transactions. Post closing trial balance is an optional step in the accounting cycle. Journalizing and posting the closing entries are the steps required to complete throughout the accounting period. Adjustments of accounts, preparing the financial statements and closing accounts are completed at the end of accounting cycle period. The last step in the accounting cycle is to post closing trial balance.