Examveda
Examveda

________ is the first phase of accounting cycle

A. Identifying an economic event or transaction

B. Preparing Journal

C. Posting entries to Ledger accounts

D. Making decisions about business

Answer: Option A

Solution(By Examveda Team)

Identifying an economic event or transaction is the first phase of accounting cycle, which includes any transaction involving the use or exchange of a company's assets.

This Question Belongs to Commerce >> Accounting

Join The Discussion

Related Questions on Accounting