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Accounting Cycle questions & correct answers.
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  • Accounting 101

Accounting Cycle questions & correct answers.

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  • August 30, 2024
  • 1
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • accounting cycle questions correct answers

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  • Accounting 101
  • Accounting 101

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Accounting Cycle questions & correct
answers.
What is The accouting cycle? ANS - The accounting cycle is the process of gathering, preparing,
analysing and reporting the activities of the business during one accounting period so that business and
other decisions can be made.



Step 1 ANS - Collect and analyse infomation from source documents



Step 2 ANS - Journalise transactions



Step 3 ANS - post transaction to ledger accounts



Step 4 ANS - Prepare a trial balance



Step 5 (2 stages) ANS - 1. Journalise and post adjusting entries -balance day adjustments

2. Prepare and adjusted trial balance



Step 6 ANS - Prepare financial statements



Step 7 (2 stages) ANS - Close the accounts

1. journalise and post closing entries

2. Prepare a post closing trial balance



Why is the accounting cycle important? ANS - The accounting cycle is important because it gives
meaningful comparrisons of operating results during one accounting period and others.

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