1. a. The accounting procedures of most businesses involve basic steps that are carried out in a set order. The flow of data through these procedures is known as the accounting cycle. List FIVE (5) basic steps that are included in the accounting cycle.

b. The system used to process the information from source documents to the stage of financial reports is called the Double Entry System. One of the principles of double entry accounting is that each source document can be recorded in two parts: one debit and the other credit. What is the golden rule of double entry bookkeeping?

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