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17#
发表于 2012-3-26 11:04
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Which of the following is the best description of the flow of information in an accounting system? A)
| Journal entries, general ledger, trial balance, financial statements. |
| B)
| General ledger, trial balance, general journal, financial statements. |
| C)
| Trial balance, general ledger, general journal, financial statements. |
|
Information flows through an accounting system in four steps:
1. Journal entries record every transaction, showing which accounts are changed by what amounts. A listing of all the journal entries in order by date is called the “general journal.”
2. The general ledger sorts the entries in the general journal by account.
3. At the end of the accounting period, an initial trial balance is prepared that shows the balances in each account. If any adjusting entries are needed, they will be recorded and reflected in an adjusted trial balance.
4. The account balances from the adjusted trial balance are presented in the financial statements. |
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