Advertisements
Advertisements
Question
It refers to a complete sequence of accounting activities.
Options
Accounting cycle
Accounting sequence
Accounting transactions
Accounting
Solution
Accounting cycle
Explanation:
The term "accounting cycle" refers to the complete sequence of accounting activities that occur during an accounting period. This cycle includes all the steps from recording financial transactions in the journal, posting them to the ledger, preparing a trial balance, adjusting entries, and ultimately producing financial statements.
APPEARS IN
RELATED QUESTIONS
Financial position of a business is ascertained on the basis of ___________.
What are the steps involved in the process of accounting?
Ledger is also called the ______.
The accounting cycle consists of ______.
The first step in accounting cycle is ______.
Accounting cycle ends with the ______.
What is accounting cycle?
Every transaction has four effects on accounting records. Give two reasons either for or against.
State four stages of Accounting cycle.
Explain the accounting cycle.
