Which of the following describes the proper sequence of actions in the accounting cycle?

Post, enter, analyse, prepare, close, adjust

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Analyse, enter, post, adjust, prepare, close

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Prepare, enter, post, adjust, analyse, close

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Enter, post, close, prepare, adjust, analyse

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Solution

The correct option is A Analyse, enter, post, adjust, prepare, close
The accounting cycle is a process designed to make financial accounting of business activities easier for business owners.
These steps are:
(1) analyzing the transactions as they occur;
(2) recording them in the journals;
(3) posting debits and credits from journal entries to the general ledger;
(4) adjusting the assets with a trial balance;
(5) preparing financial statements, and
(6) closing the temporary accounts.

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