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WorksheetsAccounting cycle
Total questions: 5
Worksheet time: 3mins
How many steps of accounting cycle?
10 steps
11 steps
8 steps
9 steps
Which explanation is false about accounting cycle?
A process of identifying, collecting and summarizing financial transactions of the business with the objective of generating useful information
The first step is journalizing
The third step is ledger accounts
It starts with an accounting transaction and ends when the books of accounts get closed
The sixth step is?
Performing adjusting entries
adjusted trial balance
creating financial statements
unadjusted trail balance
Which is the correct order of first three accounting cycle's steps?
collecting of data, ledger accounts, unadjusted trial balance
journalizing, ledger accounts, unadjusted trial balance
collecting of data, journalizing, ledger accounts
journalizing, ledger accounts, collecting of data
What is the latest step of accounting cycle?
Closing the books
Creating financial statements
Adjusted trial balance
Post-closing trial balance
