Accounting Cycle: Everything Explained| 10 steps of Accounting Cycle

Hey Viewers! Welcome to our YouTube channel “Everything about Accounting.” If you want to learn accounting easy and simple way, you are in the right place. In accounting, we all know that the accounting cycle is of immense importance. For better accounting studying, it is very important to understand the accounting cycle. It is sometimes very hard for beginners and non-accountants to recognize the accounting cycle. So, in this video, we will learn: 1. What is the Accounting Cycle? And 2. What are the 10 steps of the Accounting Cycle? Before we start please subscribe to our channel and hit the bell icon for getting regular updates about accounting videos. ___________________________ YouTube Subscribe Link:    / everythingaboutaccounting   ___________________________ So, let’s get started. 1. What is the Accounting Cycle? According to the going concern concept, it is expected that business will continue on forever. The accounting process starts through the identification of transactions and ends with preparing financial statements. These processes are rotated continuously in every accounting period. So it is said that the accounting cycle is the continuous process of recording and processing all transactions of an organization. 2. 10 Steps of Accounting Cycle: 10 steps of the accounting cycle are as follows: 1. Identification of Transaction 2. Journalizing 3. Posting to Ledger 4. Preparation of Trial Balance 5. Adjusting Entry 6. Adjusted Trial Balance 7. Preparation of Financial Statements 8. Closing Entry 9. Post-Closing Trial Balance 10. Reversing Entry ------------------------------------------ Our Official website: https://everythingaboutaccounting.info/ ------------------------------------------- Accounting Book Recommendation for Beginners: https://amzn.to/3tx6sDx __________________________ Disclaimer: This description contains affiliate links, which means we'll receive a small commission if you click on one of the product links. This contributes to the channel's support and allows us to continue making videos like this. If you like this video, don’t forget to comment, like, and share. Thanks for watching! ____________________________ Content Source: https://everythingaboutaccounting.inf... _____________________________ Follow us on: Facebook:   / accountingusers   Twitter:   / everyth50765685   LinkedIn:   / everything-about-accounting   ______________________________ #everythingaboutaccounting #accounting #accountingtutorial #accountingbasics #accountingforbeginners #accountingcycle