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Praxis 5101: Accounting & Finance (15% of test 18 questions) fully solved
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Praxis 5101: Accounting & Finance (15% of test 18 questions) fully solved
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Praxis 5101: Accounting & Finance (15%of test 18 questions)
Identifying & Analyzing Business Transactions - correct answer ✔✔Step one in accounting cycle.
Recording in the Journals - correct answer ✔✔Step two of accounting cycle.
Posting to the ledger - correct answer ✔✔Step three of accounting cycle.
Unadjusted Trail Balance - correct answer ✔✔Step four of accounting cycle.
Adjusting Enrties - correct answer ✔✔Step five of accounting cycle.
Adjusted Trial Balance - correct answer ✔✔Step six of accounting cycle.
Financial Statements - correct answer ✔✔Step seven of accounting cycle.
Closing Entries - correct answer ✔✔Step eight of accounting cycle.
Post-closing Trial Balance - correct answer ✔✔Step nine of accounting cycle. This step is usually the final
step.
Reversing Entries - correct answer ✔✔This step is optional in the accounting cycle and is found at the
beginning of a new accounting period.
The Accounting Process - correct answer ✔✔Is a seriesof activities that begins with a transaction and
ends with the closing of the books. Because this process is repeated each reporting period, it is referred
to as the accounting cycle.
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