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9 January, 08:36

On which accounting principle is the first step of the accounting cycle based

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  1. 9 January, 08:41
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    There are 9 teps in the account cycle:

    1. Record journal entries

    2. Post entries to ledger

    3. Prepare unadjusted trial balance

    4. Adjust journal entries

    5. Prepare adjusted trial balance

    6. Record reversing entries

    7. Prepare post-closing trial balance

    8. Record closing entries

    9. Prepare financial statements

    The accounting cycle that allows a business to record all business transactions that eventually lead to preparation of their financial statements. This information is used for record keeping purposes of expenses and revenues.
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