The steps in the accounting cycle are different for a merchandising company than for a service company.

Question

Quizplus · Accepted Answer

The steps in the accounting cycle are fundamentally the same for both merchandising and service companies, involving processes such as recording transactions, posting to the ledger, preparing financial statements, and closing the books, although the nature of some transactions (like inventory for merchandising companies) may differ.

The Steps in the Accounting Cycle Are Different for a Merchandising