Most accounting cycles are similar, which means that they usually contain the same steps. However, the items and people involved in each of the cycles vary. For example, a typical accounting cycle consists of identifying and recording transaction and other events, journalizing, posting, trial balance, adjusting entries, adjusting entries for accruals, adjusted trial balance, closing, post-closing trial balance, and reversing entries (Kieso et al, 2003). At the end of the cycle, one produces the relevant reports for the various users in the organization, or other users such as the governmen…
