Accounting Cycle: Definition, Steps & Process


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question 1 of 3

How many steps are in the accounting cycle?

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1. When preparing financial statements, which one shows how much money came in and went out of a company during a given time period?

2. Which financial statement is prepared first?

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About This Quiz & Worksheet

This quiz/worksheet combo will help check your understanding of what is involved in each step of an accounting cycle. You will be quizzed on the terms used in reference to these steps.

Quiz and Worksheet Goals

In these assessments, you'll be tested on:

  • The number and names of steps in the accounting cycle
  • The first financial statement prepared during that step
  • The name of the first trial balance to be prepared
  • The term referring to the entries that close temporary accounts

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Reading comprehension- ensure that you draw the most important information from the related lesson about how to complete an accounting cycle
  • Defining key concepts - ensure that you can accurately define main phrases, such as source documents and trial balance
  • Information recall - access the knowledge you've gained regarding the preparation of financial statements
  • Knowledge application - use your knowledge to answer questions about the specific steps followed during every accounting cycle

Additional Learning

To learn more about this process, review the accompanying lesson called Accounting Cycle: Definition, Steps & Process. This lesson covers the following objectives:

  • Define accounting cycle
  • Explain each step in the accounting cycle
  • Detail how to prepare relevant statements
  • Illustrate how to fill out an accounting ledger