The accounting cycle refers to a series of sequential steps or procedures performed to accomplish the accounting process. Each business transaction is initially recorded in a journal rather than directly to the ledger.

The accounting cycle refers to a series of sequential steps or procedures performed to accomplish the accounting process. Each business transaction is initially recorded in a journal rather than directly to the ledger.

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter5: Closing Entries And The Post-closing Trial Balance

Section: Chapter Questions

Problem 1DQ: Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post...

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ASAP answer if the statements are true or false

The accounting cycle refers to a series of sequential steps or procedures performed to
accomplish the accounting process.
Each business transaction is initially recorded in a journal rather than directly to the ledger.
When three or more accounts are required in a journal entry, the entry is referred to as a
multiple entry.

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Posting: involves transferring the information in journal entries to the general ledger. is an optional step in the accounting cycle. is performed after a trial balance is prepared. involves transferring information to the trial balance.
What is the third step in the accounting cycle? Analyze source documents and record business transactions in a journal. Prepare a post-closing trial balance. Journalize and post the closing entries. Prepare a trial balance.
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. journal
A __________ is a book in which business transactions are recorded. a. journal b. ledger c. trial balance d. balance sheet
Transferring information from the journal to the ledger is called a. preparing the financial statements. b. journalizing. c. posting. d. tracking.
Number in order the following steps in the accounting cycle: a. Prepare a trial balance. b. Post journal entries to the accounts in the ledger. c. Journalize and post the adjusting entries from the data on the work sheet. d. Analyze source documents and record business transactions in a journal. e. Prepare financial statements from the data on the work sheet. f. Gather adjustment data and record the adjusting entries on a work sheet. g. Journalize and post the closing entries. h. Prepare a post-closing trial balance. i. Complete the work sheet.
The first step in posting the sales journal to the general ledger is to total and verify the equality of the amount columns. enter the date in the Date column of the ledger account. enter the new balance in the Balance columns of the ledger account. enter the ledger account number below the column totals in the journal.
The initial step in the accounting cycle is to journalize transactions. True False
Put the following accounting cycle transactions-recording processes in order by selecting the corresponding sequence number of each activity Group of answer choices Journalize external business transactions Post closing entries to the general ledger (T-accounts) Prepare the adjusted trial balance Journalize closing entries…
Posting 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.
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
Which of the following is a feature of the transaction file? Conceptually similar to the ledger in a manual accounting systems. Records are frequently updated to reflect the effect of specific events across fiscal periods. Containing records for individual business events that occur during a specific fiscal period. Storing cumulative information about organization's resources and agents.