Question

In: Accounting

Ask to select proper order of steps in the accounting cycle Select the purpose of the...

  1. Ask to select proper order of steps in the accounting cycle
  2. Select the purpose of the ledger (definition of a ledger)
  3. Definition of the that we prepare in the accounting cycle
  4. What’s the primary purpose of the trial balance?
  5. When expenses are recognized
  6. When is revenue recognized?
  7. Select the definition of accrual accounting
  8. Ask to recognize the item that is not an adjusting entry
  9. Determine what happens if you don’t make a particular adjusting entry

10. Have to make an adjusting entry

Answer as many as you can please

Solutions

Expert Solution

Ans 1

Accounting cycle steps:-

a) Analysis of transactions.

b) Journalization of transactions.

c) Entries are posted into ledgers from the journal.

d) Preparation of trial balance.

e)Financial statements are prepared.

f) Posting adjusting and closing entries

g)Closing trial balance

Ans 2 Leger is a collection of various accounts in a summarized manner from journals as debit or credit.

Ans 3 Definition of the that we prepare in the accounting cycle.-Incomplete question. Please post it again.

Ans 4 Primary purpose of the trial balance is to ensure that all accounts are properly balanced because debit and credit must match.

Ans 5 Expenses are recognized in a period where corresponding revenue is also recognized.

Ans 6 Revenue is recognized when revenue is earned and it is realized or realizable.

Ans 7 Select the definition of accrual accounting- Need options to solve it. Please post it again.

Ans 8 Ask to recognize the item that is not an adjusting entry- incomplete question. Please post it again.

Ans 9 When we don't make a particular adjusting entry then books of accounts do not represent true and fair value.

Ans 10 Adjustment entry is made by:-

a) Identifying the accounts involved.

b) Determine the amount of adjustment.

c) Pass the accounting entry.

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