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:

Fourteenth Amendment

An amendment to the United States Constitution granting citizenship to all persons born or naturalized in the U.S. and guaranteeing all citizens equal protection under the law.

Commerce Clause

A provision in the United States Constitution that empowers Congress to regulate commerce with foreign nations, and among the several states, and with the Indian tribes.

Federal Government

The national government of a federal country that shares power with states or provinces but has authority in matters of national concern.

Subject to Taxation

Describes income, goods, property, and other financial transactions that are considered taxable by the government.