The first step in accounting is to look at the ------- transactions of the business. a) Economics b) Financial c) Accounting d) Social
Answers
Answer:
The first step in the accounting cycle is identifying transactions. Companies will have many transactions throughout the accounting cycle. Each one needs to be properly recorded on the company's books. Recordkeeping is essential for recording all types of transactions.
Answer: Option(b) Financial Transaction is the first step in accounting.
Explanation:
The accounting cycle is a procedure created to make it simpler for business owners to account for the financial aspects of their operations.
An accounting cycle normally has eight steps to be completed. Business owners receive thorough financial performance reports at the end of the accounting cycle, which is used to evaluate the company.
The unadjusted trial balance, the worksheet, identifying Financial transactions, recording transactions in a journal, posting, adjusting journal entries, preparing financial statements, and closing the books are the eight steps of the accounting cycle.
The first step in the accounting cycle is identifying Financial transactions. Business transactions will be numerous throughout the accounting cycle. Each one must be accurately recorded in the business's books.
For the purpose of logging all kinds of transactions, recordkeeping is necessary. Many businesses will record sales transactions using point-of-sale software that is connected to their books. In addition to sales, there are expenses, which can take many different forms.
Thus, maintaining organization over the duration of the process can be a crucial component that contributes to maintaining overall efficiency. Depending on the need for reporting, accounting cycle times will change. Though some businesses may place a greater emphasis on quarterly or annual outcomes, most try to examine their performance on a monthly basis.
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