Asked by Dominic Vojvoda on Jul 17, 2024
Verified
The steps in the accounting process focus on analyzing and recording financial transactions and events within a company.Those steps are shown below.Using the number system of 1 as the first step and 4 as the last step in the process,number the steps in the correct order in which they would occur (1 thru 4).
_____ Analyze transactions using the accounting equation.
_____ Record journal entry.
_____ Post entry to ledger.
_____ Identify transactions and source documents.
Accounting Process
The systematic approach to recording, classifying, summarizing, and reporting a business's financial transactions.
Journal Entry
A record in accounting that notes the details of a financial transaction, showing which accounts are affected and by what amounts.
Ledger
A book or database in which financial transactions are recorded systematically.
- Recognize the steps in the accounting cycle and their importance.
Verified Answer
___3__ Record journal entry.
___4__ Post entry to ledger.
___1__ Identify transactions and source documents.
Learning Objectives
- Recognize the steps in the accounting cycle and their importance.
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