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skills necessary for the highly technical interaction between accounting and business, to develop an understanding of the steps of the accounting cycle as. Chapter 03 The Accounting Cycle · 1. Journalize transactions. · 2. Post transaction data to the ledger. · 3. Prepare a trial balance. · 4. Make end-of-period 10 Steps of Accounting Cycle [Notes with PDF] · 1. Identification of Transaction · 2. Journalizing · 3. Posting to Ledger · 4. Preparation of Trial Balance · 5. There are four steps to be performed in journalizing closing entries: Step 1: Clear the revenue balances and transfer them to Income Summary. Income. Summary is Accounting Cycle Process problem. This competency exam practice document breaks the multiple choice questions and the Accounting Cycle Practice problem intoThe Accounting Cycle. 10. Welcome to the World of Accounting organized processes to bring consistency and structure to financial reporting. 10 Steps of Accounting Cycle are;Analyzing and Classify Data about an Economic Event.Journalizing the transaction.Posting from the Journals to General Ledger. 1 Review the seven basic steps of the accounting cycle. 2 Prepare a work sheet. 3 Prepare financial statements from a work sheet. 4 Prepare the adjusting