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3) The first required step in the accounting cycle is
posting transactions.
reversing entries.
journalizing transactions in the book of original entry.
analyzing transactions.
4) Which of the following steps in the accounting cycle would not
generally be performed daily?
Analyze business transactions.
Prepare adjusting entries.
Journalize transactions.
Post to ledger accounts
5) All of the following statements about the post-closing trial
balance are correct except it contains only permanent accounts.
shows that the accounting equation is in balance.
provides evidence that the journalizing and posting of closing
entries have been properly completed.
proves that all transactions have been recorded
6) IFRS requires the use of
neither balance sheet nor statement of financial position, but
recommends use of the term balance sheet.
the term statement of financial position.
neither balance sheet nor statement of financial position, but
recommends use of the term statement of financial position.
the term balance sheet.