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Questions and Answers
Which is done first among the following steps in the accounting cycle?
Which is done first among the following steps in the accounting cycle?
- A post-closing trial balance is prepared.
- Adjusting entries are recorded (correct)
- Nominal accounts are closed
- Financial statements are prepared.
Which is not in logical order in the accounting cycle?
Which is not in logical order in the accounting cycle?
- Posting, trial balance, adjusting entries
- Adjusting entries, reversing entries, closing entries (correct)
- Trial balance, adjusting entries, financial statements
- Closing entries, post-closing, reversing entries
Which is an optional step in the accounting cycle?
Which is an optional step in the accounting cycle?
- Financial statements
- Reversing entries (correct)
- Closing entries
- Adjusting entries
The double entry accounting system means
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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