The procedure used by accountants to convert transactions into financial statements is called ______.
A) the accounting cycle
B) processing financial information
C) recording financial information
D) summarizing financial information

Question

Quizplus · Accepted Answer

The accounting cycle is the complete process used by accountants to convert transactions into financial statements. It involves recording, classifying, and summarizing financial information, as well as preparing and analyzing financial statements. Choices B, C, and D are all steps within the accounting cycle but do not encompass the entire process.

The Procedure Used by Accountants to Convert Transactions into Financial