It involves routine performances of the different phases of accounting for a given period of time.Select one:a.Accounting cycleb.Worksheetc.Posting the journal entries to the ledgerd.Closing entries
Question
It involves routine performances of the different phases of accounting for a given period of time.Select one:a.Accounting cycleb.Worksheetc.Posting the journal entries to the ledgerd.Closing entries
Solution
The answer is a. Accounting Cycle. The accounting cycle is a series of steps that companies take every accounting period in order to manage their financial transactions. These steps include identifying, analyzing, and recording transactions, posting these transactions to the ledger, preparing an unadjusted trial balance, posting adjusting entries, preparing an adjusted trial balance, preparing financial statements, and closing temporary accounts.
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