Accounting 1 Semester 1
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What is the Accounting Cycle? (In order) Answer- 1. Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. 2. Transaction, from information on source documents, are recorded in a journal. 3. Journal entries are posted to the general ledger. 4. A work sheet, including a trial balance, is prepared from the general ledger. 5. Financial statements are prepared from the work sheet. 6. Adjusting and closing entries are naturalized from the work shee...
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Accounting 1 Semester 1•Accounting 1 Semester 1
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What is the Accounting Cycle? (In order) Answer- 1. Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. 2. Transaction, from information on source documents, are recorded in a journal. 3. Journal entries are posted to the general ledger. 4. A work sheet, including a trial balance, is prepared from the general ledger. 5. Financial statements are prepared from the work sheet. 6. Adjusting and closing entries are naturalized from the work shee...
What is the Accounting Cycle? (In order) Answer- 1. Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. 2. Transaction, from information on source documents, are recorded in a journal. 3. Journal entries are posted to the general ledger. 4. A work sheet, including a trial balance, is prepared from the general ledger. 5. Financial statements are prepared from the work sheet. 6. Adjusting and closing entries are naturalized from the work shee...
- Exam (elaborations)
- • 3 pages's •
-
Accounting 1 Semester 1•Accounting 1 Semester 1
Preview 1 out of 3 pages
What is the Accounting Cycle? (In order) Answer- 1. Source documents are checked for accuracy, and transactions are analyzed into debit and credit parts. 2. Transaction, from information on source documents, are recorded in a journal. 3. Journal entries are posted to the general ledger. 4. A work sheet, including a trial balance, is prepared from the general ledger. 5. Financial statements are prepared from the work sheet. 6. Adjusting and closing entries are naturalized from the work shee...