PROBLEM 4-1 STEPS OF ACCOUNTING PROCESS

Use the numbers 1 – 10 to place the following steps of the accounting cycle in
their proper order, 1 being the first in order, and 10 the last.

2.Analyze business transactions.

1.Collect/verify source document data.

7.Complete the worksheet.

3.Journalize business transactions.

5.Journalize/post adjusting entries.

9.Journalize/post-closing entries.

4.8.Post journal entries.

10.Prepare financial statements.

6.Prepare a post-closing trial balance.

Prepare a trial balance.

1
PROBLEM 4-2 STEPS OF ACCOUNTING PROCESS

Ten events common to the accounting function of a business entity are listed
below. On the numbered spaces provided, place the letters of the events in the
sequence in which they would logically occur. I being the first, and 10 the last.

ACCOUNTING FUNCTIONS:

ANSWERS:

1. E 6. A
2. G 7. D
3. B 8. H
4. I 9. J
5. F 10. C