Question

What was the final stage in accounting cycle?

Answer 1

There r eight stages in accounting cycle
1 Transactions-transactions can include the sale or return of a product 
2 Journal entries-the journal is also known as the “book of original entry” and is the first place a transaction is listed
3 Posting-the transactions are posted to the account that it impacts
4 Trial balance-At the end of the accounting period the trial balance is calulated 
5 Worksheet-we look for errors and make corrections called adjustments, which are tracked on a worksheet
6 Adjusting journal entries-we don’t need to make adjusting entries until the trial balance process is completed and all needed corrections and adjustments have been identified
7 Financial statements-we prepare the balance sheet and income statement using the corrected account balances
8 Closing the books-we close the books for the revenue and expense accounts and begin the entire cycle again with zero balances in those accounts 
HOPE IT HELPS
PLZZ MARK AS BRAINLIST 

Answer 2

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