G Review the steps in the accounting cycle and answer the following questions: 1. What is the first step? 2. Are any steps optional? 3. Which steps are completed throughout the period? 4. Which steps are completed only at the end of the period? 5. What is the last step in the accounting cycle?

Accounting Cycle: It is a process through which companies record it's financial transactions of the whole period. It total has 9 Steps.

Explanation:

What is the first step?

Are any steps optional?

Yes, there are 2 optional steps:

Which steps are completed throughout the period?

The steps which are conducted throughout the periods are:

What is the last step in the accounting cycle?

The last step is to Prepare a post-closing trial balance.

After closing the accounting period, a trial balance is prepared in which the balance of assets, liabilities and equities are calculated and they are transferred into next accounting period.

The accounting cycle is a collective process of identifying, analyzing, and recording the accounting events of a company. There are currently Ten steps in an accounting cycle.

Explanation:

1. The first step is Analyzing and classifying transactions. The purpose is to identify how each event affects the financial position of a business.

2. The two optional steps are

3. The most important steps reflected throughout the period is

4. It is at the end of the period that you prepare financial statements

5. The last step is recording reversing entries. It helps to prevent incidences of double counting in the preceding period.

a. primarily outdoors, responding to emergencies and protecting people.

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