The accounting/bookkeeping cycle

Question 1

What step number is this in the accounting cycle:

~ General ledger

Answer 1

Step number 5

Summary of the subsidiary journal

Question 2

What step number is this in the accounting cycle:

~ Statement of financial position

Answer 2

Step number 9

Outlines financial performance

Question 3

What step number is this in the accounting cycle:

~ Trial balance

Answer 3

Step number 7

Summarises the general ledger

Question 4

What step number is this in the accounting cycle:

~ Subsidiary journal

Answer 4

Step number 3

Summary of the source document

Question 5

What step number is this in the accounting cycle:

~ Transaction

Answer 5

Step number 1

Transaction takes place

Question 6

What step number is this in the accounting cycle:

~ Reconciliation

Answer 6

Step number 4

Monthly recons confirm journals

Question 7

What step number is this in the accounting cycle:

~ Source document

Answer 7

Step number 2

Gives detail of the transaction

Question 8

What step number is this in the accounting cycle:

~ Statement of comprehensive income

Answer 8

Step number 8

Indicates profitability

Question 9

What step number is this in the accounting cycle:

~ Reports

Answer 9

Step number 6

Trial balance, statement of comprehensive income, statement of financial position