Listed below in random order are the eight steps comprising a complete accounting cycle:
Prepare a trial balance.
Journalize and post the closing entries.
Prepare financial statements.
Post transaction data to the ledger.
Prepare an adjusted trial balance.
Make end-of-period adjustments.
Journalize transactions.
Prepare an after-closing trial balance.
a. List these steps in the sequence in which they would normally be performed. (A detailed understanding of these eight steps is not required until Chapters 4 and 5.)
b. Describe ways in which the information produced through the accounting cycle is used by a company's management and employees.
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