The required steps in the accounting cycle are listed in random order below.List the steps in proper sequence.(a)Prepare a post-closing trial balance.(b)Prepare an adjusted trial balance.(c)Analyze business transactions.(d)Prepare a trial balance.(e)Journalize the transactions.(f)Journalize and post closing entries.(g)Prepare financial statements.(h)Journalize and post adjusting entries.(i)Post to ledger accounts.

Accounting Cycle: Accounting cycle refers to the process of recording a business transaction in the…

Answered: The required steps in the accounting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The complete accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance is referred to as the ________________________? Group of answer choices closing cycle accounting cycle deferred cycle accrued cycle
The step-by-step process to record business activities and events to keep financial records up todate is ________.A. day-to-day cycleB. accounting cycleC. general ledgerD. journal
Which of the following is not a required step during the accounting cycle? O a. Transactions are posted to the ledger. Ob. A post-closing trial balance is prepared. Oc. An unadjusted trial balance is prepared. Od. An end-of-period spreadsheet is prepared.
The accounting cycle starts with the: a. preparation of trial balance b. preparation of adjusting entries c. analysis of business transaction d. preparation of ledger accounts
Answer only
The first required step in the accounting cycle is: O journalizing transactions, posting transactions.. Oanalyzing transactions. O adjusting entries.
The accounting cycle represents the sequence of steps in the accounting process completed during the fiscal period. Select one: True False
Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. a.(2), (3), (4), (1) b.(4), (3), (2), (1) c.(3), (2), (4), (1) d.(3), (2), (1), (4)
Posting:a. involves transferring the information in journal entries to the general ledger.b. is an optional step in the accounting cycle.c. is performed after a trial balance is prepared.d. involves transferring information to the trial balance.
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 above

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