53. The accounting cycle is:
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- Explain how the accounting equation organizes financial information using T-accounts and debits and credits.The step-by-step process to record business activities and events to keep financial records up to date is ________. A. day-to-day cycle B. accounting cycle C. general ledger D. journalWhich area of accounting needs a computerized accounting information system the most—payroll, tax, or preparing financial statements?
- Which of the following is correct about accounting cycle? Select one: a. A financial transaction is initiated by a source document such as a bill , receipt etc b. Accounting cycle starts with preparation of trial balance c. Financial transactions are recorded in journal in the order of value d. All of the aboveRequired: 1. Identify each financial transaction by using accountingequation and make journal entries of financialtransactions 2. Transfer the journal entries to the Ledger 3. Prepare the Trail Balance of the companyThe T-account is used to summarize which of thefollowing?a. Increases and decreases to a single account in theaccounting system.b. Debits and credits to a single account in the accountingsystem.c. Changes in specific account balances over a timeperiod.d. All of the above describe how T-accounts are used byaccountants.
- The following contains the various steps of the financial reporting process. Arrange them in proper order and indicate whether each step is a function of the TPS, GLS pr FRS., *Record transaction in special journal. *Make adjusting entries. *Capture the transaction. *Prepare the postclosing trial balance. *Prepare the adjusted trial balance. *Prepare the sales invoices. *Prepare the financial statements. *Journalize and post the adjusting entries. *Post to the subsidiary ledger. *Post to the general ledger. *Issue Official Receipts. *Journalize and post the closing entries. *Prepare the unadjusted trial balance.Accounting systems are designed to show the increases and decreases in each accounting equation element as a separate record. This record is called a/an ________. Group of answer choices chart of accounts balance sheet trial balance accountPosting is the process of a. Analyzing the impact of the transaction on the accounting equation. b. Obtaining information about external transactions from source documents. c. Transferring the debit and credit information from the journal to individual accounts in the general ledger. d. Listing all accounts and their balances at a particular date and showing the equality of total debits and total credits.
- 33.The focal point of the accounting cycle is the a. financial statements. b. trial balance. c. Adjusted trial balance. d. Worksheet.Th e collection of all business transactions sorted by account in an accounting system is referred to as: C . a general journal.Working paper that bridges the gap between the accounting records and the financial statements are called ___. Between cycle sheets Divet sheets Financial temps Worksheets
