Janice is a private accountant. The first thing she must do when working through the accounting cycle is to
A) record transactions in a journal.
B) do a trial balance.
C) analyze transaction documents.
D) analyze the financial statements using ratio analysis.
E) transfer entries from the journal to the ledger.

Question

Quizplus · Accepted Answer

The first step in the accounting cycle is to analyze transaction documents, such as receipts and invoices, in order to identify and record all financial transactions. This is critical to ensuring accurate and complete financial records.

Janice Is a Private Accountant