The first required step in the accounting cycle is:

Question

BlackTom AI · Accepted Answer

The question asks us to identify the first required step in the accounting cycle, so we examine each option in order.
Option 1: 'adjusting entries.' Adjusting entries are made later in the cycle, after preparing the trial balance, to record accrued and deferral adjustments. This means they are not the first step, so this choice is incorrect.
Option 2: 'journalizing transactions.' Journalizing involves recording the analyzed transactions into the journal, which occurs after the initial analysis step. Since the first step is generally to determine what happened and how it affects accounts, journalizing comes after analysis, making this option not the very first step.
Option 3: 'analyzing transactions.' Analyzing transactions is the initial activity where source documents are examined to determine what occurred and which accounts are affected. This foundational assessment guides all subsequent recording; thus, this is the correct first step.
Option 4: 'posting transactions.' Posting transfers journal entries to the ledger and happens after journalizing. It cannot be the first step in the cycle because the entries must first be recorded in the journal before they can be posted, so this option is incorrect.

The first required step in the accounting cycle is:

查看解析

登录即可查看完整答案

类似问题

The five major steps in the accounting cycle occur with equal frequency.

Which of the following steps in the accounting cycle occurs last?

Issuing financial statements is the first step in the accounting cycle.

How many steps are there in the accounting cycle according to Heather Young?

Which of the statements below are correct regarding the accounting cycle?

Which of the statements below explains the accounting cycle? BlackTom题目解析

Which of the following refers to the process of generating financial statements, beginning with a business transaction and ending with the preparation of the report?

In which order are the stages of the accounting process completed?

更多留学生实用工具

考试浏览器助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单