what is the accounting process
(The Accounting Cycle). The accounting process is a series of activities that begins with a transaction and ends with the closing of the books. Because this process is repeated each reporting period, it is referred to as the accounting cycle and includes these major steps:Identify the transaction or other recognizable event.Prepare the transaction's source document such as a purchase order or invoice.ecause this process is repeated each reporting period, it is referred to as the accounting cycle and includes these major steps: Identify the transaction or other recognizable event. Prepare the transaction's source document such as a purchase order or invoice.