Which the systematic and orderly performance of the steps

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Problem 1: A trial balance will not balance if

a. A journal entry is posted twice

b. A purchase of supplies on account is debited to supplies and credited to cash

c. A P100 cash withdrawal is debited to Drawing account for P1000 and credited to cash as P100.

d. A P450 payment of account is debited to Accounts Receivable for P45 and credited to Cash for P45.

Problem 2: The systematic and orderly performance of the steps that will lead to the preparation of the periodic financial statements is called

a. Operating cycle

b. Accounting cycle

c. Natural business year

d. Reporting period

Reference no: EM132739293

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