Multiple Choice
The proper sequence of steps in the accounting cycle is as follows
A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger
D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries
Correct Answer:
Verified
Correct Answer:
Verified
Q39: The balance sheet accounts are referred to
Q62: The income summary account is also called<br>A)
Q102: The post-closing trial balance differs from the
Q120: Prepaid Insurance is an example of a
Q127: The income statement should be prepared<br>A) before
Q137: Entries required to close the balances of
Q154: The most important output of the accounting
Q166: The accumulated depreciation account is closed to
Q184: Tracy Roberts, the sole stockholder of Surfer
Q186: Accumulated depreciation appears on the<br>A) balance sheet