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Questions and Answers
Which is done first among the following steps in the accounting cycle?
Which is not in logical order in the accounting cycle?
Which is an optional step in the accounting cycle?
The double entry accounting system means
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Study Notes
Accounting Cycle
- The first step in the accounting cycle is identifying and recording transactions.
Accounting Cycle Order
- The correct order of the accounting cycle is: identifying and recording transactions, journalizing, posting, preparing trial balance, preparing financial statements, and preparing adjusted entries.
Optional Step
- The optional step in the accounting cycle is preparing reversing entries.
Double Entry Accounting System
- The double entry accounting system means that each transaction is recorded with at least one debit and one credit, where the total value of debits equals the total value of credits.
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Description
Test your knowledge of accounting processes with this quiz on the CPA Review School of the Philippines. Challenge yourself with questions about the steps in the accounting cycle and logical order of accounting tasks. Perfect for students preparing for the CPALE Valix/Valix/Santos Batch 95 exam.
