8 STEPS

1. record transaction in the journal (recording step)

2. post yhe accounting entries in the journal to ledger accounts分类帐(classifying step)

3. prepare a trial balance 试算表and caculate the balances of each ledger account(verifying step)

4. prepare financial statements (summerizing step)

5. make end-of-period adjusting entries期末调整分录 (according to accrual-basis principle责权发生制)， journalizing and posting them to ledger accounts

6.prepare an adjusted trial balance

7. make closing entries结帐分录(because revenue and expense accounts are closed at the end of every accounting period), journalizing , and posting them to the ledger accounts

8. prepare an after-closing trial balance