Which of the following is a key step in the accounting cycle?
A) Recording information into journals
B) Collecting data from customers
C) Forecasting expenses and revenues
D) Preparing the advertising message

Question

Quizplus · Accepted Answer

Recording information into journals is a key step in the accounting cycle as it involves systematically documenting all financial transactions that occur during a specific period of time. This step provides the foundation for subsequent steps such as posting to ledgers, preparing financial statements, and analyzing financial performance. Collecting data from customers, forecasting expenses and revenues, and preparing advertising messages are not part of the accounting cycle.

Which of the Following Is a Key Step in the Accounting