?

Financial Accounting

Free Version

Upgrade subject to access all content

Moderate

Accounting Cycle

FINACT-JCXGJ4

Which of the following statements related to the accounting cycle are TRUE?

Select ALL that apply.

A

The accounting cycle always represents a one-year period.

B

In general, the 7 steps of the accounting must be done in the proper order in order for financial statements to be correct.

C

Journal entries always occur before posting to T-accounts.

D

Posting to the general ledger (or T-accounts) always occurs before the preparation of a trial balance.