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What is Accounting Process Steps and Adjustments about?
The document discusses the accounting process and adjusting entries. It outlines the typical steps in the accounting cycle as 1) analyzing transactions, 2) journalizing, 3) posting to ledgers, 4) preparing a trial balance, 5) making adjusting entries, 6) preparing financial statements, 7) closing accounts, and optionally 8) making a post-closing trial balance and reversing entries. It also discusses the purpose of adjusting entries is to ensure expenses and revenues are recorded in the appropriate period. T
- Author
- Vhia Rashelle Galzote
- Language
- EN