What are the 6 steps of accounting?

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Solution

The six steps of accounting are:

Identify and post the transactions.

Post transactions to the ledger after passing it through the journal.

Determine an unadjusted trial balance for the current period.

Record any adjusting entries at the end of the period.

Arrange an adjusted trial balance.

Prepare the financial statements.

Also see:

Accounting Ratios

Accounting MCQs

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