What are the Six Steps in the Accounting Cycle?
Accounting is the language of business and is used to record and analyze all financial transactions of an organization. The accounting cycle is a process that businesses use to collect, analyze and report financial information. The six steps of the accounting cycle are: 1. Collecting Financial Transactions The first step of the accounting cycle is collecting financial transactions. This includes collecting documents such as invoices, bills, purchase orders and other financial documents....