List the accounting cycle steps in proper order

Reference no: EM132885959

Question 1: Compare and contrast how revenues and expenses are reported under the cash basis of accounting and the accrual basis of accounting.

Question 2: Explain why adjusting entries are necessary at the end of an accounting period.

Question 3: Identify examples of an adjusting journal entry for various types of transactions.

Question 4: Explain accumulated depreciation.

Question 5: Identify which account balances are extended to the Income Statement columns, the Statement of Retained Earnings columns, and the Balance Sheet columns.

Question 6: Determine the current ratio between assets and liabilities for a given year.

Question 7: List the accounting cycle steps in proper order.

Reference no: EM132885959

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