ACC 12
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ACC 12 2
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ACC 12 THEORY OF ACCOUNTS CHAPTER 4
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CHAPTER 4 ACCOUNTING PROCESS QUESTION 4-1 What are the steps in the accounting cycle? ANSWER 4-1 1. Analyzing the business documents or transactions. This means that the accountant determine the impact of the transactions on the financial position as represented by the basic equation “assets equal liabilities plus equity.” 2. Journalizing – This is the process of recording the transactions in a journal. 3. Posting – Transactions as classified and recorded in the journal are tran...
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