Praxis 5101: Accounting & Finance (15% of test 18 questions) fully solved

Praxis 5101: Accounting & Finance (15%
of test 18 questions)

Identifying & Analyzing Business Transactions - correct answer ✔✔Step one in accounting cycle.



Recording in the Journals - correct answer ✔✔Step two of accounting cycle.



Posting to the ledger - correct answer ✔✔Step three of accounting cycle.



Unadjusted Trail Balance - correct answer ✔✔Step four of accounting cycle.



Adjusting Enrties - correct answer ✔✔Step five of accounting cycle.



Adjusted Trial Balance - correct answer ✔✔Step six of accounting cycle.



Financial Statements - correct answer ✔✔Step seven of accounting cycle.



Closing Entries - correct answer ✔✔Step eight of accounting cycle.



Post-closing Trial Balance - correct answer ✔✔Step nine of accounting cycle. This step is usually the final
step.



Reversing Entries - correct answer ✔✔This step is optional in the accounting cycle and is found at the
beginning of a new accounting period.



The Accounting Process - correct answer ✔✔Is a seriesof activities that begins with a transaction and
ends with the closing of the books. Because this process is repeated each reporting period, it is referred
to as the accounting cycle.