Accounting Cycle

Accounting Cycle

Assessment

Flashcard

Other

University

Hard

Created by

suzzete sharp

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10 questions

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1.

FLASHCARD QUESTION

Front

Which of the following is not part of the accounting process? Recording, Identifying, Financial decision making, Communicating

Back

Financial decision making

2.

FLASHCARD QUESTION

Front

What is the first part of the accounting process?

Back

identifying.

3.

FLASHCARD QUESTION

Front

Keeping a systematic, chronological diary of events that are measured in monetary and units is called

Back

recording.

4.

FLASHCARD QUESTION

Front

What is the usual sequence of steps in the transaction recording process?

Back

analyze → journal → ledger.

5.

FLASHCARD QUESTION

Front

What is the first step in the recording process?

Back

Analyze each transaction for its effect on the accounts.

6.

FLASHCARD QUESTION

Front

After transaction information has been recorded in the journal, it is transferred to the

Back

ledger.

7.

FLASHCARD QUESTION

Front

The recording process occurs

Back

repeatedly during the accounting period.

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