BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Jose is an accountant at George Huervas Inc. The CEO has asked Jose to work on the accounting cycle for the upcoming quarter. What should be Jose’s first step?
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Prepare an adjusted trial balance.
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Journalize each transaction.
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Prepare unadjusted trial balance and worksheet.
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Analyze each transaction as it occurs.
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Explanation:
Detailed explanation-1: -The first four steps in the accounting cycle are (1) identify and analyze transactions, (2) record transactions to a journal, (3) post journal information to a ledger, and (4) prepare an unadjusted trial balance.
Detailed explanation-2: -The eight steps of the accounting cycle are as follows: identifying transactions, recording transactions in a journal, posting, the unadjusted trial balance, the worksheet, adjusting journal entries, financial statements, and closing the books.
Detailed explanation-3: -Preparing financial statement is the most important phase of accounting cycle.
There is 1 question to complete.