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BYU ACC 200 Module 6 The Accounting Cycle II questions and answers 2025 already graded A+
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BYU ACC 200 Module 6 The Accounting Cycle II questions and answers 2025 already graded A+
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ACC 201 Midterm Examquestions and answers 2025
already graded A+
9 steps of the accounting cycle - answer 1. analyze the transaction
2. journalize the transaction
3. post to ledger
4. prepare an unadjusted trial balance
5. journalize and post adjusting entries
6. prepare an adjusted trial balance
7. prepare financial statements
8. journalize and post closing entries
9. prepare a post-closing trial balance
how does the balance sheet list assets? - answer 1. Current assets
(cash, A/R, office supplies, prepaid expenses)
2. Long term assets
- Long term investments (bonds/stocks)
- Property, Plant, and Equipment
(land/buildings/furniture/equipment)
- intangible assets (patents/copyrights/trademarks)
how does the balance sheet list liabilities? - answer 1. Current
liabilities (A/P, notes payable/salaries payable/interest
payable/unearned revenue)
2. Long-term liabilities (liabilities that don't need to be paid in 1
year)
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