![]() ![]() If there were no financial transactions, there would be nothing to keep track of. Transactions: Financial transactions start the process. ![]() Steps in the Accounting Cycle #1 Transactions The accounting cycle incorporates all the accounts, journal entries, T accounts, debits, and credits, adjusting entries over a full cycle. The cycle repeats itself every fiscal year as long as a company remains in business. One of the main duties of a bookkeeper is to keep track of the full accounting cycle from start to finish. The accounting cycle is the holistic process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, to closing the accounts.
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