|. The first step in the accounting cycle is to Record transactions in a journal Analyze transactions from source documents Post journal entries to general ledger accounts |. Adjust the general ledger accounts pose What is the last step in the accounting cycle considering the following? a. Prepare a postelosing trial balance b, Journalize and post closing entries c. Prepare financial statements d. Journalize and post adjusting entries Which is done first in the accounting process? a. Financial statements are prepared b. Adjusting entries are recorded ¢. Nominal accounts are closed d. A postelosing trial balance is prepared Which is not among the first five steps in the accounting cycle? Record transactions in journals Record closing entries . Adjust the general ledger accounts . Post entries to general ledger accounts poop Which is an optional step in the accounting cycle? Adjusting entries Closing entries Financial statements |. Reversing entries pose 16 2 Which is logical order in the accounting cycle? a. Posting, adjusting entries, trial balance b. Closing entries, postclosing, reversing entries ¢. Financial statements, recording, adjusting entries d. Reversing entries, adjusting entries, closing entries a Factors that shape an accounting information system include a. Nature of business b. Size of the entity and nature of business ¢. Volume of data and size of entity d. Nature of business, size of entity and volume of data 2 Basic steps in the recording process include all of the following, except a. Transfer the journal information to the appropriate ‘account in the statement of financial position b. Analyze each transaction for the effect on the accounts, ¢. Enter the transaction information in a journal. a. All of the choices are correct regarding the basic steps in the recording process. 8. The accounting record where a transaction is initially recorded is a. Ledger b. Account 10. The use of computers in processing accounting data 8. Eliminates the need for accountants. b. Eliminates the double entry system. ¢ Eliminates the need for financial reporting standards, 4. May result in the elimination of document trails used to verify accounting records.