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Question

Which of the following is in the correct order?

A Trial Balance Period, Journal entries, Posting to the Ledger, financial Reporting and Auditing Correct Answer Incorrect Answer
B Posting to the Ledger, Trial Balance Period, Journal entries, Financial Reporting and Auditing Correct Answer Incorrect Answer
C Trial Balance Period, Financial Reporting and Auditing, Journal entries, Posting to the Ledger Correct Answer Incorrect Answer
D Journal entries, Posting to the Ledger, Trial Balance Period, Financial reporting and Auditing Correct Answer Incorrect Answer
E None of the above Correct Answer Incorrect Answer

Solution

Journal entries, Posting to the Ledger, Trial Balance Period, Financial reporting and Auditing The accounting process typically involves the following steps in this order: Recording transactions in the journal as journal entries. Posting journal entries to the respective ledgers. Preparing a trial balance at the end of the accounting period to ensure that the debits and credits in the ledger balance. Preparing financial statements based on the information in the ledger, such as the income statement, balance sheet, and statement of cash flows. Conducting an audit of the financial statements to ensure their accuracy and compliance with accounting standards and regulations.

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