How many steps are there in the accounting cycle according to Heather Young?

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BlackTom AI · Accepted Answer

To tackle the question, I’ll go option by option and weigh each possibility against the typical accounting cycle framework.
Option 1: '7'. Some teaching models list fewer steps, but many practitioners and educators describe more granular stages in the cycle. If you’re thinking of a simplified version with only seven steps, you’d be omitting or combining essential activities like posting, adjusting entries, or closing the books, which are normally distinct steps.
Option 2: '3'. A three-step view would be overly condensed for the accounting cycle. At minimum, the cycle covers several distinct phases such as identifying transactions, recording them in journals, posting to ledgers, preparing a trial balance, and producing financial statements, each of which is typically treated as separate steps in standard curricula.
Option 3: '10'. This count matches several comprehensive outlines of the accounting cycle that break the process into ten discrete steps: identifying transactions, analyzing them, recording in journals, posting to ledgers, preparing a trial balance, making adjusting entries, preparing an adjusted trial balance, preparing financial statements, closing entries, and preparing a post-closing trial balance. This level of granularity is commonly taught in Heather Young’s framing for a complete cycle.
Option 4: '5'. A five-step version would be a mid-range simplification often used for introductory overviews, merging several activities (for example, combining posting and tracing through to the ledger, or combining adjustments with the preparation of financial statements). While educationally useful, it omits important steps that many accounting courses emphasize.
In summary, the option that aligns with the more detailed, widely taught version of the accounting cycle—down to ten distinct steps—is the one that reflects the comprehensive sequence students are often instructed to memorize and apply.

VPAB13H3 F LEC01 Final Exam Quiz

How many steps are there in the accounting cycle according to Heather Young?

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