Question
what is an example of a transaction that would be a step in an accounting cycle?
tracking employee's sick days
paying for employee training seminars
determining product efficiency
deciding which website host to use
tracking employee's sick days
paying for employee training seminars
determining product efficiency
deciding which website host to use
Answers
GPT-4o mini
An example of a transaction that would be a step in an accounting cycle is **paying for employee training seminars**.
This transaction involves an outflow of cash (or other payment method) and needs to be recorded in the accounting system, typically under expenses. It influences financial statements and is part of the broader accounting processes such as journal entries, posting to the ledger, and eventually preparing financial reports.
The other options do not directly involve financial transactions that affect the accounting cycle in the same way.
This transaction involves an outflow of cash (or other payment method) and needs to be recorded in the accounting system, typically under expenses. It influences financial statements and is part of the broader accounting processes such as journal entries, posting to the ledger, and eventually preparing financial reports.
The other options do not directly involve financial transactions that affect the accounting cycle in the same way.