The __________ represents the sequence of steps in the accounting process. a. fiscal year b. fiscal period c. accounting cycle d. work sheet

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Answer 1

Textbook Question

Chapter 4, Problem 1QY

The __________ represents the sequence of steps in the accounting process.

a. fiscal year
b. fiscal period
c. accounting cycle
d. work sheet

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

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The following data were selected from the records of Fluwars Company for the year ended December 31, current year: Balances at January 1, current year: Accounts receivable (various customers) $ 111,500 Allowance for doubtful accounts 11,200 The company sold merchandise for cash and on open account with credit terms 1/10, n/30, without a right of return. The following transactions occurred during the current year: Sold merchandise for cash, $252,000. Sold merchandise to Abbey Corp; invoice amount, $36,000. Sold merchandise to Brown Company; invoice amount, $47,600. Abbey paid the invoice in (b) within the discount period. Sold merchandise to Cavendish Inc.; invoice amount, $50,000. Collected $113,100 cash from customers for credit sales made during the year, all within the discount periods. Brown paid its account in full within the discount period. Sold merchandise to Decca Corporation; invoice amount, $42,400. Cavendish paid its account in full after the…

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Answer 2

Textbook Question

Chapter 4, Problem 1QY

The __________ represents the sequence of steps in the accounting process.

a. fiscal year
b. fiscal period
c. accounting cycle
d. work sheet

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

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Answer 3

Textbook Question

Chapter 4, Problem 1QY

The __________ represents the sequence of steps in the accounting process.

a. fiscal year
b. fiscal period
c. accounting cycle
d. work sheet

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

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Answer 4

Textbook Question

Chapter 4, Problem 1QY

The __________ represents the sequence of steps in the accounting process.

a. fiscal year
b. fiscal period
c. accounting cycle
d. work sheet

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

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Answer 5

Textbook Question

Answer 6

Textbook Question

Answer 7

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

Answer 8

Expert Solution & Answer

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer to Problem 1QY

The correct answer is option (c).

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Conclusion

Therefore, option (c) is correct answer.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

Find the correct option that indicates the correct term for the given explanation.

Answer 12

Answer to Problem 1QY

The correct answer is option (c).

Answer 13

Explanation of Solution

Accounting cycle: The whole process of identifying, sorting, analyzing, and recording the transactions, journalizing the transactions, posting the entries, preparation of trial balance, updating the adjustments in worksheet, preparing financial statements, and closing the books, is referred to as accounting cycle.

Justification for correct answer: Accounting cycle is the complete process of recording transaction, journalizing, posting, preparation of financial statements. Hence, option (c) is correct.

Justification for incorrect answers:

Option (a) is incorrect because fiscal year is the accounting period of a company in which a public company reports or covers its financial statements in the 12 consecutive months.
Option (b) is incorrect because fiscal period is the period in which a company completes its accounting cycle in the 12 consecutive months.
Option (d) is incorrect because worksheet is an accounting tool that help accountants to record adjustments and up-date balances required to prepare financial statements.

Answer 14

Conclusion

Therefore, option (c) is correct answer.

Answer 15

Ch. 4 - The __________ represents the sequence of steps in...Ch. 4 - The __________ is a working paper used by...Ch. 4 - On the work sheet, assets are recorded in which of...Ch. 4 - Rainy Day Services had 430 of supplies reported on...Ch. 4 - On the work sheet, Accumulated Depreciation,...Ch. 4 - The __________ requires that expenses be matched...Ch. 4 - Accumulated Depreciation, Equipment is reported a....Ch. 4 - What is the purpose of a work sheet?Ch. 4 - What is the purpose of adjusting entries?Ch. 4 - Prob. 3DQ

The __________ represents the sequence of steps in the accounting process. a. fiscal year b. fiscal period c. accounting cycle d. work sheet

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Answer to Problem 1QY

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