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Accounting Cycle | Definition, Purpose, Process, Steps, Mistakes | eFM
Table of Contents1 What is the Accounting Cycle?2 Purpose of Accounting Cycle3 Process of Accounting Cycle4 Steps Involved in the Accounting Cycle4.1 Journal Entries4.2 Posting in General Ledger4.3 Trial Balance4.4 Worksheets4.5 Adjusting Entries4.6 Financial Statements4.7 Closing the Books5 Mistakes Conducted during the Accounting Cycle6 When the Accounting Cycle is Taken into Account?7 Computerized Accounting System8 Conclusion What is the Accounting Cycle? The person maintaining the accounting cycle defines it as a systematic process of recognizing, analyzing and posting the various events related to accounting in the records of the company. The accounting cycle initiates with the occurrence of the transaction