Listed below in random order are the eight steps comprising a complete accounting cycle:
Prepare a trial balance.
Journalize and post the closing entries.
Prepare financial statements.
Post transaction data to the ledger.
Prepare an adjusted trial balance.
Make end- of- period adjustments.
Journalize transactions.
Prepare an after- closing trial balance.

a. List these steps in the sequence in which they would normally be performed.

b. Describe ways in which the information produced through the accounting cycle is used by a company’s management and employees.