Some accountants prepare this to serve as a draft for the posting of adjustments, before final posting to the general ledger.

Match the step with the stage in the preparation cycle

Match the step with the stage in the accounting cycle

Match the step with the stage in the accounting cycle

Sort the steps in the accounting cycle in proper sequence.

Which of the following steps are performed at the preparatory stage of the accounting cycle?

The phase in the accounting cycle that involves actual recording of transactions in the books of accounts.

Which of the following steps are performed at the summarization stage of the accounting cycle?

What step in the accounting cycle summarizes the transactions in the general journal, according to the accounts in the general ledger?

Which of the following are performed during the closing procedures?

It is also called the book of original entry because it is where all transactions are first recorded.

Which procedures below are optional

It is also called the book of final entry. Entries from the general journal are posted here.

Worksheet preparation is necessary ina order to prepare financial statements.

The first trial balance prepared during the accounting cycle is the

The accounting cycle ends after posting to the General Ledger, being the book of final entry.

This step involves making entries to correct errors, bring accounts up-to-date and determine correct balances.

When the trial balance have equal amounts of debit and credits, it means all accounting transactions have been entered correctly.

This characteristic of accounting is evident in the accounting cycle where it follows a defined series of steps with clear procedures.

The book of original entry is the General Journal.

It is the basis for the preparation of financial statements.

The book of final entry is the General Ledger.

It is the basis for the preparation of financial statements.

When the post-closing trial balance is prepared, the accounts that remain are the

This merely proves that the sum of debits and credits are equal, in accordance with double entry accounting.

What step in the accounting cycle summarizes the transactions in the general journal, according to the accounts in the general ledger?

This will show the final balances of real accounts to be carried forward to the next accounting period. Nominal accounts do not appear because these have been closed in the previous step.