This problem has been solved! Close Revenues. Transactions are analyzed and recorded in the journal. 29. Become a member and unlock all Study Answers. An Optional Step in the Accounting Cycle Is the Preparation. Set up Fee records using the Fee Maintenance window 31. An unadjusted trial balance is prepared. I'm still a beginner taking my third 200 level accounting class so bear with me if I sound stupid. Accounting Cycle Steps: Accounting cycle is an accounting procedure starting from recording of business transactions and ends in final preparation of financial statements for reporting. Are any steps optional? Question 57. Reversing Entries (optional). Which of the following steps in the accounting cycle are listed in logical order? OPTIONAL. a) a post-closing trial balance and reversing entries b) reversing entries and a worksheet c) an adjusted trial balance and a post-closing trial balance d) a worksheet and post-closing trial balance. d.The steps in the accounting cycle are repeated in each accounting period. Closing entries c. Financial statements d. A postclosing trial balance. OPTIONAL. d.The steps in the accounting cycle are repeated in each accounting period. Consider the following alternative sets of entries. Journalizing and posting the adjusting entries. Since the accounting cycle records transactions over a period of time and reports them in the form of financials, one accounting cycle equals one accounting period. The accounting cycle is a process by which a company identifies, analyzes and records its financial and accounting details. The above steps were clear in a manual accounting system. 30. Are any parts of the accounting cycle optional? A reversing entry is a journal entry to “undo” an adjusting entry. Joumalizing the transactions and posting to the accounts OC. 4 - Flow of accounts into financial statements The... Ch. Transactions are posted to the ledger. Not a journal, and cannot be the basis for posting to a ledger account Closing the Books: At the end of the accounting period, making the accounts ready for the next period Temporary Accounts: Relate only to … The first example does not utilize reversing entries.An adjusting entry was made to record $2,000 of accrued salaries at the end of 20X3. Post the reversing entries, prepare the financial statements and then take a … The importance of business liquidity and the concept of an operating cycle. Let’s review our accounting cycle again. Closing entries are A) an optional step in the accounting cycle. b. B) posted to the ledger accounts from the worksheet. a.The accounting cycle includes journalizing transactions and posting to ledger accounts. You can click on the links below to view the accounting cycle. O A Journalizing and posting the closing entries. Reversing entries are optional, and some firms do not perform them. An accounting worksheet is large table of data which may be prepared by accountants as an optional intermediate step in an accounting cycle. The accounting cycle, also commonly referred to as accounting process, is a series of procedures in the collection, processing, and communication of financial information.. As defined in earlier lessons, accounting involves recording, classifying, summarizing, and interpreting financial information. The award-winning Basic Accounting Concepts, Principles, and Procedures self-study books provide a complete and easy reference for all the steps in the accounting cycle (including the optional reversing entries when a cycle is completed). The accounting worksheet is essentially a spreadsheet that tracks each step of the accounting cycle. 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