2. 
   

Accounting Process	Description
1. Journal Entry	Recording transactions in the general journal.
2. Posting	Transferring journal entries to the ledger.
3. Trial Balance	Verifying the equality of debits and credits.
4. Adjusting Entries	Recognizing accrued expenses and revenues.
5. Financial Statements	Preparing income statement and balance sheet.

Requirements:

• Describe each step of the accounting cycle.
• Provide examples of transactions for journal entries.
• Explain the purpose of adjusting entries.
• Discuss the importance of the trial balance.
• Evaluate the effectiveness of the accounting cycle in producing accurate financial reports.