Indicate the sequential order of the following steps in theaccounting information processing cycle:Analyzing transactionsPreparing financial statementsDeveloping a trial balanceCollecting original dataPosting to the accountsJournalizing transactions16.17.18.19.20.21.

Answered: Indicate the sequential order of the…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter3: The General Journal And The General Ledger

Section: Chapter Questions

Problem 2QY: Transferring information from the journal to the ledger is called a. preparing the financial...

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Question

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
16.
17.
18.
19.
20.
21.

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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