First step in accounting is to
- identify
- Record transaction
- Post in ledgers
- All
Explanation
The 8 Steps of the Accounting Cycle
Step 1: Identify Transactions. The first step in the accounting cycle is identifying transactions.
Step 2: Record Transactions in a Journal.
Step 3: Posting.
Step 5: Worksheet.
Step 6: Adjusting Journal Entries.
Step 7: Financial Statements.
Step 8: Closing the Books.
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