What is meant by Accounting Cycle? List its basic phases.
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Solution and Explanation
The accounting cycle refers to the complete process of recording and processing all financial transactions over a specific period. It helps in generating accurate financial statements. The basic phases of the accounting cycle include:
1. Identifying Transactions: Recognizing financial transactions as they occur.
2. Recording Transactions: Entering transaction data into journals.
3. Posting to Ledger: Transferring journal entries to the respective accounts in the ledger.
4. Trial Balance: Preparing a trial balance to ensure debits equal credits.
5. Adjusting Entries: Making necessary adjustments for accrued or deferred transactions.
6. Financial Statements: Preparing the income statement, balance sheet, and cash flow statement.
7. Closing Entries: Closing temporary accounts and transferring their balances to permanent accounts.
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