Q36
________ is the first phase of accounting cycle
A.
Identifying an economic event or transaction
AnswerB.
Preparing Journal
C.
Posting entries to Ledger accounts
D.
Making decisions about business
Answer: Option A
Solution
Answer: Option A
Solution:
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.