The steps in the accounting cycle are sets of procedures designed to record transactions and events in the accounting records, which are physical devices for the preservation and storage of the details of the transactions. Accounting records are either manually prepared and accomplished, or these could be technology-enabled. Whatever the method is the cycle of steps remain the same. Procedures are mechanical consisting mostly of routine tasks, often referred as bookkeeping procedures. These procedures are practical application of concepts and principles representing the body of knowledge that should be thoroughly understood to be able to perform the accounting procedures properly.