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_________ is the first phase of the accounting cycle.
  • a)
    Identifying an economic event or transaction
  • b)
    Preparing journals
  • c)
    Posting entries to ledger accounts
  • d)
    Making decisions about business
Correct answer is option 'A'. Can you explain this answer?
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_________ is the first phase of the accounting cycle.a)Identifying an ...
The first phase of the accounting cycle is identifying an economic event or transaction that needs to be recorded in the books.
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_________ is the first phase of the accounting cycle.a)Identifying an economic event or transactionb)Preparing journalsc)Posting entries to ledger accountsd)Making decisions about businessCorrect answer is option 'A'. Can you explain this answer?
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