Questions: What is the first step of the accounting cycle?

What is the first step of the accounting cycle?
Transcript text: What is the first step of the accounting cycle?
failed

Solution

failed
failed

The answer is the third one: analyze business transactions.

Explanation for each option:

  1. Record transactions in journal entries: This is not the first step. Recording transactions in journal entries comes after analyzing the business transactions.
  2. Post transactions into a general ledger: This step follows the recording of transactions in journal entries. It is not the first step.
  3. Analyze business transactions: This is the correct first step in the accounting cycle. Before any transactions can be recorded, they must be analyzed to determine their impact on the financial statements.

Summary: The first step of the accounting cycle is to analyze business transactions.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Find the absolute maximum and minimum values of the function over the indicated interval, and indicate the x-values at which they occur. f(x)=4 x+9 ;[-6,5] The absolute maximum value is at x= . (Use a comma to separate answers as needed.)
failedAnswered
Students A and B took tests on probability in two different sections of prestatistics. Student A scored 90 points on a test with mean 73 points and standard deviation 6 points. Student B scored 91 points on a test with mean 75 points and standard deviation 7 points. Complete parts (a) through (c) below. a. Find the z-score for Student A's test score. What does it mean in this situation? Student A's z-score is 2.83, which means the student's test score is 2.83 standard deviations greater than the mean of the section's scores. (Type an integer or decimal rounded to two decimal places as needed.) b. Find the z-score for Student B's test score. What does it mean in this situation? Student B's z-score is , which means the student's test score is standard deviations greater than (Type an integer or decimal rounded to two decimal places as needed.)
failedAnswered
A student missed 16 problems on a biology test and received a grade of 66%. If all the problems were of equal value, how many problems were on the test? Follow the problem-solving process and round your answer to the nearest integer.
failedAnswered
Determine whether or not the graph is a tree. If it is not, explain why. This graph is a tree. This graph is not a tree. The graph has one or more circuits. Every edge is a bridge.
failedAnswered
The molar mass of calcium hydroide is 74.1 g / mol 38.1 g / mol 114 g / mol 73.1 g / mol 63.55+57.1 g / mol