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The most important output of the accounting cycle is the financial statements.?
The most important output of the accounting cycle is the financial statements.
True/False
3 Answers
- SandyLv 71 decade agoFavorite Answer
True. The accounting cycle begins with the analysis of transactions recorded on source documents such as invoices and checks; it ends with the completion of a post-closing trial balance. This cycle consists of the following steps:
1. Analyze and journalize transactions.
2. Post the journal entries to the general ledger accounts.
3. Prepare a trial balance.
4. Journalize and post the adjusting entries.
5. Prepare an adjusted trial balance.
6. Prepare financial statements.
7. Journalize and post the closing entries.
8. Prepare a post-closing trial balance.
The OUTPUT as a result of doing all this work is the financial statements.
- Anonymous7 years ago
problematic task. look into onto yahoo or google. that could help!
- Anonymous1 decade ago
false
