BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Classifying
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analyzing and interpretation
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recording
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financial statements.
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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: -Therefore the first step in the accounting process is recording.
Detailed explanation-3: -Defining the accounting cycle with steps: (1) Financial transactions, (2)Journal entries, (3) Posting to the Ledger, (4) Trial Balance Period, and (5) Reporting Period with Financial Reporting and Auditing.
Detailed explanation-4: -Enter the correct date: The first step is to date your journal entry. This is to ensure it’s posted in the correct period. Write out the account name and number: When preparing a journal entry, always include the G/L account number as well as the account name.