Which of the following is the first step in the accounting cycle?
A)Record transactions
B)Examine source documents
C)Post transactions
D)Prepare financial statements
E)Generate annual reports

Question

Quizplus · Accepted Answer

The first step in the accounting cycle is to examine source documents. These documents provide the evidence and details for financial transactions and are essential for recording accurate entries in the accounting system.

Which of the Following Is the First Step in the Accounting