The Five-Step Process That Takes a Transaction from Being Mere

question 116

True/False

The five-step process that takes a transaction from being mere raw financial data to its being summarized in the financial statements is called the accounting cycle.

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Definitions:

Preponderance

The greater weight of evidence, or evidence that is more convincing than the evidence offered in opposition to it.

Evidence

Information or facts presented in a legal proceeding to establish the truth of an assertion or to prove a point in dispute.

Proof

Proof is evidence or argument establishing a fact or the truth of a statement in a legal or logical context.

Assault

An act that threatens physical harm to a person, whether or not actual harm is inflicted.