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Accounting Cycle (Steps)
Vocab 1
true/false
Steps to make a journal entry
Vocab 2
100
Collect and verify source documents
What is the first step of the accounting cycle
100
is a record of cash received by a business.
What is a receipt?
100
The accounting cycle helps the business keep its accounting records in an orderly fashion
What is true
100
write the date of the transaction
What is the first step of preparing a journal entry
100
Lists the same information that appears on a check
What is Check Stub
200
Journalize each transaction
What is the third step of the accounting cycle
200
Process of recording business transactions in a journal.
What is journalizing?
200
The first step in the accounting cycle is Analyzing business transactions
What is false
200
Write the DEBIT amount
What is the third step of preparing a journal entry
200
Lists specific information about a business transaction involving the buying or selling of an item on account
What is an invoice?
300
analyze each transaction
What is the second step of the accounting cycle
300
Paper is prepared as evidence of that transaction.
What is a source document?
300
In a manual system, an error should be erased
What is false
300
write the credit amount
What is the fifth step of preparing a journal entry
300
is an all purpose journal in which all the transactions of a business may be recorded
What is a General Journal
400
Post to the ledger
What is the fourth step of the accounting cycle
400
An accounting period of 12 months.
What is a fiscal year?
400
Debit means left and credit means right
What is true
400
Write in the account to debit
What is the second step of preparing a journal entry
400
what is done when an error occurs in journalizing a transaction
What is correcting errors in a general journal
500
Journalize and post closing entries
What is the 8th step of the accounting cycle
500
Is a brief written message that describes a transaction that takes place within a business.
What is a memorandum?
500
most businesses use 6 months as their accounting period
What is false
500
write in the account to credit
What is the fourth step of preparing a journal entry
500
A fiscal year that begin January 1 to December 31 for a business.
What is a calendar year?