Question

9)
Which of the following is/are true about Accounting Cycle?
(i) Accounting Cycle begins with the identuicau on of business transactions.
(ii) Its first stage is recording the business transactions either in journal or subsidiary
books.
(iii) Its second stage is classifying transactions which are recorded in the journal or
subsidiary books
(iv) Accounting Cycle ends with reversing entries for prepaid and outstanding expenses
(a) Only (i) above
(b) Only (i) and (ii) above
(c) Only (iii) and (iv) above
(d) All (i), (ii), (iii) and (iv)​

Answer 1

Answer:

only I and ii

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