Question

Identify each statement as true or false

John aquino has prepared the following list of statements about the accounting cycle

1)Journalize the transactions is the first step in the accounting cycle

2)if a worksheet is prepared,some steps of the accounting cycle are important into the worksheet

3)The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post closing trial balance

4)All steps of the accounting cycle occur daily during the accounting period

5)The step of post to the ledger accounts occurs before the step of journalize the transactions

6)closing entries must be prepared before financial statements can be prepared

Answer 1

1)Journalize the transactions is the first step in the accounting cycle --- False

2)if a worksheet is prepared,some steps of the accounting cycle are important into the worksheet --- True

3)The accounting cycle begins with the analysis of business transactions and ends with the preparation of a post closing trial balance ---False

4)All steps of the accounting cycle occur daily during the accounting period --- False

5)The step of post to the ledger accounts occurs before the step of journalize the transactions --- False

6)closing entries must be prepared before financial statements can be prepared --- True