BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Identifying, measuring, recording and communicating
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Identifying, recording, communicating and justifying
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Measuring, adjusting, recording and communicating
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Measuring, evaluating, recording and communicating
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Detailed explanation-1: -The steps in the accounting cycle are identifying transactions, recording transactions in a journal, posting the transactions, preparing the unadjusted trial balance, analyzing the worksheet, adjusting journal entry discrepancies, preparing a financial statement, and closing the books.
Detailed explanation-2: -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-3: -Communication is the core activity of the accounting profession, transmitting information from one person to another, from one organisation to another – or a combination of both – and to the shareholders and other stakeholders of the organisation.