The major steps involved in the accounting cycle include recording the transaction in the general journal, posting the journal entries, recording and posting adjusting entries, preparing the financial statements and posting closing entries.

Question

BlackTom AI · Accepted Answer

Recording transactions in the general journal is the initial formal step, so it belongs to the accounting cycle.

Relevant knowledge points and concepts:
- The accounting cycle is the sequence of steps used to identify, record, classify, summarize, and report financial information for a period. Key components include: (1) identifying/analyzing transactions, (2) recording in the general journal (journalizing), (3) posting to the general ledger, (4) preparing an unadjusted trial balance, (5) recording and posting adjusting entries, (6) preparing an adjusted trial balance, (7) preparing financial statements, (8) recording and posting closing entries, and (9) preparing a post-closing trial balance. Some textbooks may combine or label steps slightly differently, but the listed items are the major operational activities.

Step-by-step reasoning:
1. Identify/analyze transactions (conceptual first step) — even if not listed, this precedes journalizing.
2. Record the transaction in the general journal — journal entries capture debit/credit effects.
3. Post the journal entries to the general ledger — this updates account balances.
4. Record and post adjusting entries — accruals and deferrals ensure revenues/expenses are in correct period; these are journalized and posted.
5. Prepare financial statements — after the adjusted trial balance, statements (income, retained earnings/statement of owners’ equity, balance sheet, cash flow) are prepared.
6. Post closing entries — close revenues, expenses, dividends to retained earnings (or owner's capital) and post to ledger to reset temporary accounts for next period.

Why the statement is correct:
- Every step listed in the question (journalizing, posting, adjusting entries, preparing financial statements, posting closing entries) is a fundamental component of the cycle. The phrase “major steps” allows omission of preliminary or intermediate items (like preparing the unadjusted/adjusted trial balance) without making the statement false.

Why “False” is incorrect:
- Labeling the statement false would require that one of the listed items is not part of the accounting cycle or that the list is materially incorrect. It is not; the listed activities are core steps.

Conclusion:
The correct answer is True, which matches the provided answer.

The major steps involved in the accounting cycle include recording the transaction in the general journal, posting the journal entries, recording and posting adjusting entries, preparing the financial statements and posting closing entries.判断题

类似问题

How many stages in the accounting process?

When posting occurs, the accounting cycle becomes source document → transaction → journal → ledger.

Which of the following is not a step in the accounting cycle?

Preparing a post-closing trial balance is the step in the accounting cycle. (Enter one word per blank.)

Which of the following trees corresponds to a potential parse of the ambiguous sentence below, with correct syntactic categories? Some diagnostics are provided.

Which of the following sentences contain two non-finite verbs? Select all that apply.

Analyze the following sentence: The sentence contains [ Select ] 8 6 5 7 3 4 functional words, [ Select ] 2 3 1 4 5 count nouns, [ Select ] 4 5 2 1 3 mass nouns, and [ Select ] 1 5 2 3 4 adjectives.

更多留学生实用工具

智能学习助手

风格化写作助手

论文查重助手

文献引用助手

课堂转译助手

课堂笔记助手

Quiz搜索助手

学校历年真题

智能刷题助手

智能匹配练习

希望你的学习变得更简单