Accountıng I Deneme Sınavı Sorusu #1178023
Which one is the first step in accounting cycle?
Preparing balance sheet |
Preparing income statement |
Opening entries based on opening balance sheet |
Making closing entries |
Preparing post-closing trial balance |
Yanıt Açıklaması:
The steps in accounting cycles briefly are:
• Opening entries based on opening balance sheet
• Posting opening entries to ledger accounts
• Analyzing and journalizing daily transactions
• Posting daily transactions to accounts
• Preparing monthly trial balances
• Preparing unadjusted trial balance at the end of the period
• Adjusting entries
• Preparing adjusted trial balance
• Preparing financial statements
• Closing entries
• Preparing post-closing trial balance
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