Which of the following is NOT a step in the accounting cycle?

Preparing adjusting entries is not typically identified as a step that occurs at the beginning of the accounting period. Instead, this step actually happens at the end of an accounting period as part of the closing process, which ensures that all revenues and expenses are recognized in the correct period. Adjusting entries are made to account for items such as accrued revenues, accrued expenses, deferred revenues, and prepaid expenses, aligning financial statements with the appropriate accounting period.

On the other hand, recording and posting transactions to the ledger, preparing an unadjusted trial balance, and collecting and analyzing transactions are indeed critical steps within the accounting cycle. These steps typically occur in a sequence that starts with documenting the financial activities of a business and culminates in the preparation of financial statements. Thus, option B clearly stands out as the one that is not a step in the cycle as it is more focused on the end of a period rather than the beginning.