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What are the 7 steps in journalizing?

The 7 steps in journalizing are: identify the transactions, analyze the transactions, decide the accounts impacted, record the transaction in the journal, post the transaction to the ledger, prepare a trial balance, and prepare financial statements.


What are the phases in accounting cycle?

Collecting daa, transaction analysis, journalizing transaction, posting to ledger account, preparing a trial balance


True or false after each transaction the basic accounting equation should remian in balance?

true


What financial statement is directly based on the accounting equation?

Balance sheet


What are different accounting report?

The balance sheet, income statement, statement of retained earnings, and a cash flow report are different types of accounting reports.


What are 3 financial statement in accounting?

1 - Income Statement 2 - balance sheet 3 - Cash Flow Statement


Filled Customer Orders Collected transaction are recorded into the accounting system using what balance identifier?

The answer is R


Which financial statement that reports accounting data at a specific date is the?

Balance Sheet


What is the last step before preparing financial statement in accounting?

trail balance


What is the financial statement that reports accounting data at a specific date?

balance sheet


What reports does the accounting department provide?

There are several reports used in accounting and that the accounting department will provide, these may include, but or not limited to, Income Statement Statement of Retained Earnings Balance Sheet Trial Balance Statement of Owners Equity (Stockholder Equity of company is Inc.) Statement of Cash Flows Bank Reconciliation Statement As I stated, these are a few. It can also depend on what function the certain accounting department is or is not in charge of that will determine exactly what statements they are required to provide.


Which accounting statement refers to a specific date or moment and not a period of time?

Balance Sheet.