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The Accounting Cycle: Definition, Steps & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the first step in the accounting cycle?

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1. What is the final step of the accounting cycle?

2. What types of reports are created during the accounting cycle for the use of management?

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About This Quiz & Worksheet

This quiz/worksheet combo is designed to assess your knowledge of what each step of the accounting cycle is and what is involved in each of these steps.

Quiz & Worksheet Goals

In these assessments, you'll be tested on:

  • How the accounting cycle starts and ends
  • What types of reports are created for management during the cycle
  • When an account is in balance
  • The characteristics of general journals and general ledgers

Skills Practiced

This worksheet and quiz will allow you to test the following skills:

  • Critical thinking - apply relevant concepts to examine information about accounting in a different light
  • Distinguishing differences - compare and contrast a general ledger and a general journal
  • Information recall - access the knowledge you've gained regarding account balancing

Additional Learning

To learn more about this topic, review the accompanying lesson called The Accounting Cycle: Definition, Steps & Examples. This lesson covers the following objectives:

  • Define accounting cycle
  • Identify and explain each step of the cycle
  • Use an example throughout the lesson to illustrate what is involved in each step of the accounting cycle
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