Accountıng I Deneme Sınavı Sorusu #1182455
Which of the following is the first step of accounting cycle?
Posting daily transactions to accounts |
Preparing adjusted trial balance |
Analyzing and journalizing daily transactions |
Adjusting entries |
Opening entries based on opening balance sheet |
Yanıt Açıklaması:
The steps in accounting cycles briefly:
• 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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