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An Audit Can Be Divided into Transaction Cycles

question 103

Essay

An audit can be divided into transaction cycles.Identify the cycles and explain the relationships among the cycles.


Definitions:

Account Titles

Names given to various accounts used in accounting to classify and organize financial transactions.

Trial Balance

A bookkeeping worksheet listing the balance of all ledgers for checking the balance of debits and credits, serving as a preliminary step to financial statements preparation.

Recording Process

The systematic procedure of capturing financial transactions in accounting records.

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