Janice Is a Private Accountant

question 55

Short Answer

Janice is a private accountant. The first thing she must do when working through the accounting cycle is to
record transactions in a journal.
do a trial balance.
analyze transaction documents.
analyze the financial statements using ratio analysis.
transfer entries from the journal to the ledger.

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Definitions:

Environmental Scanning

A repeated process to analyze the changes in the business environment that can impact an organization's strategies.

Demand Forecasting

The process of determining the organization's requirement for specific forms of human capital.

Influence Analysis

The examination of factors or individuals that have the power to affect outcomes or decisions within a particular context or system.

Exception Reporting

A management tool that involves reporting only when actual performance deviates significantly from planned or expected performance, focusing management attention on important discrepancies.