What is the first step to be performed by most organizations in their accounting cycles?
A)Recording business transactions in a journal
B)Preparing a trial balance
C)Recording closing entries in a journal
D)Preparing transaction source documents
E)none of the above

Question

Quizplus · Accepted Answer

The first step in most accounting cycles is preparing transaction source documents. These documents, such as invoices, receipts, and checks, provide the evidence and details necessary for recording financial transactions.

What Is the First Step to Be Performed by Most