The Accounting Cycle

Step 1 on the accounting cycle is:

• Journalize transactions

• Analyze transactions into their debit and credit parts

• Post transactions

• Think about transactions!

Step 2 in the Accounting Cycle is:

• Journalize the transacations

• Post the transactions in your ledger

• Analyze transactions

• None of these

When you journalize transactions, you:

• Record them in a journal

• Record the debit and credit parts

• Record them in a ledger

• Two of these

Step 3 in the accounting cycle is:

• Prepare a Trial Balance

• Post journal entries to the accounts in the ledger

• Prepare Adjusting Entries

• None of these

Step 4 in the accounting cycle is:

• Prepare a Trial Balance

• Post to the accounts in the ledger

• Prepare adjusting entries

• None of these

A ledger is a:

• Book of Accounts

• Book of Journals

• Book of numbers

• None of these

Step 5 in the accounting cycle is:

• Prepare adjusting entries and post them

• Prepare closing entries and post them

• Prepare a trial balance

• None of these

Step 6 in the accounting cycle is to:

• Prepare a Trial Balance

• Prepare an Adjusted Trial Balance

• Prepare a Post Closing Trial Balance

• None of these

Step 7 in the accounting cycle is to:

• Prepare a trial balance

• Prepare a post closing trial balance

• Prepare Financial Statements

• None of these

Some examples of financial statements are:

• Balance Sheet

• Income Statetment

• General Journal

• Two of these