posting transactions . reversing entries . journalizing transactions in the book of original entry . analyzing transactions .
4 ) Which of the following steps in the accounting cycle would not generally be performed daily ?
Analyze business transactions . Prepare adjusting entries . Journalize transactions . Post to ledger accounts
5 ) All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts .
shows that the accounting equation is in balance .
provides evidence that the journalizing and posting of closing entries have been properly completed .
proves that all transactions have been recorded 6 ) IFRS requires the use of
neither balance sheet nor statement of financial position , but recommends use of the term balance sheet .
the term statement of financial position .
neither balance sheet nor statement of financial position , but recommends use of the term statement of financial position .