The First Step in the Accounting Cycle Is to ________

question 76

Multiple Choice

The first step in the accounting cycle is to ________.

• A)journalize transactions
• B)analyze transactions
• C)post transactions to the general ledger
• D)prepare a worksheet

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Definitions:

Assets Test

A means of determining eligibility for certain government assistance programs based on the value of an individual's or entity's assets.

Reportable Segments

Components of an enterprise about which separate financial information is available and is evaluated regularly by the chief decision-maker in deciding how to allocate resources.

Assets

Economic resources owned or controlled by a business, viewed as having value and expected to provide future benefits to the operations.

Profits

The net income received by a company after deducting all expenses, taxes, and costs.