1. Identification of Transactions
This is where the accounting cycle starts, since they coincide with all transactions. All sales, purchases, payroll, and expenses have to be accounted for as they occur. These are transactions that need to be properly identified because they The accounting cycle. A comprehensive guide play the role of forming the foundation for the entire cycle; mistakes started even in later stages will go into financial reporting if such identification is not achieved.1. Identification of Transactions
This is where the accounting cycle starts, since they coincide with all transactions. All sales, purchases, payroll, and expenses have to be accounted for as they occur. These are transactions that need to be properly identified because they The accounting cycle. A comprehensive guide play the role of forming the foundation for the entire cycle; mistakes started even in later stages will go into financial reporting if such identification is not achieved.

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