Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions
Indicate the sequential order of the following steps in the accounting information processing cycle: Analyzing transactions Preparing financial statements Developing a trial balance Collecting original data Posting to the accounts Journalizing transactions
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Indicate the sequential order of the following steps in the
accounting information processing cycle:
Analyzing transactions
Preparing financial statements
Developing a trial balance
Collecting original data
Posting to the accounts
Journalizing transactions
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Expert Solution

Step 1
The Sequence of the accounting procedure of recording, classifying, and summarizing in a significant manner of accounting information is called The Accounting cycle.
After identifying and measuring the financial transactions, the accounting cycle begins. The accounting cycle indicates that the procedures must be repeated continuously process for the business to prepare up-to-date financial statements.
The accounting cycle includes steps:
Step 1. Collection of business data
Step 2. Analyze of transaction
Step 3. Journalizing
Step 4. Posting
Step 5. Trial Balance
Step 6. Financial statement.
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