The First Required Step in the Accounting Cycle Is

question 98

Multiple Choice

The first required step in the accounting cycle is

• A) reversing entries.
• B) journalizing transactions in the book of original entry.
• C) analyzing transactions.
• D) posting transactions.

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Definitions:

Markov Analysis

A statistical method used to predict future behaviors based on current and historical data, especially in decision-making and forecasting scenarios.

Staffing Tables

Graphic representations of all organizational jobs, along with the numbers of employees currently occupying those jobs and future (monthly or yearly) employment requirements.

Skill Inventories

A database or list of the skills, competencies, and qualifications of current employees, used by organizations to identify talent for projects or promotions.

Environmental Analysis

The process of examining external and internal factors that can affect the performance and strategies of an organization.