Answer to Question #302497 in Management for Bilal

Question

Which of the steps in accounting cycle are performed only at the end of the accounting period?

Answer 1

The accounting cycle is a basic, eight-step process for completing a company’s bookkeeping tasks. It provides a clear guide for the recording, analysis, and final reporting of a business’s financial activities.

The following are the steps in accounting cycle performed only at the end of accounting period:

1. Preparation of trial balance with unadjusted balances

2. Analzying the worksheets

3. Preparation of adjustment entries

4. Preparation of trial balance with adjusted balances

5. Preparation of financial statements which includes income statement, balance sheet and cash flows.