Question

    What is the first step in the accounting cycle?                  

    A Posting to the ledger Correct Answer Incorrect Answer
    B Preparing financial statements Correct Answer Incorrect Answer
    C Recording transactions in the journal Correct Answer Incorrect Answer
    D Analyzing business transactions Correct Answer Incorrect Answer

    Solution

    The first step in the accounting cycle is to analyze business transactions.

    Practice Next

    Relevant for Exams: