Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order.
1. Close the accounts.
2. Post transactions to ac counts in the ledger
3. Journalize daily transactions.
4. Record and post adjustments.
5. Prepare financial statements.
A) 2,3,4,5,1
B) 3,2,4,5,1
C) 3,2,4,1,5
D) 3,2,5,4,1
Correct Answer:
Verified
Q121: The financial statements are prepared after
A)Business transactions
Q122: Which one of the following is the
Q123: The worksheet facilitates preparation of all of
Q125: The Dividend account is known as which
Q126: Chicago Works employs 20 workers.Each employee is
Q127: Cherokee Hills began operations on December 1,2013,and
Q128: Income statement accounts are also known as
Q129: Chattahoochee Excursions,a calendar year company,purchased supplies
Q150: Certified Electronics operates five days per week
Q157: A company borrowed $500,000 on a one-year,
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents