Question

Which is the last step of accounting as a process of information?

Answer 1

the last step of accounting is ;
communicating; accounting attributes also include the communication of financial data to the users who analyse them as per their individual requirements.

Answer 2

The last step is to prepare a post-closing trial balance in accounting cycle.

Explanation:

It is one of the most important steps of finishing an account. This is the last step of accounting a trial balance is prepared to find out the difference or the measure between the debit side and the credit side of the given information.

If the debit side is equal to credit side, that means the accounts are properly entered and the answer is correct and tallied.

Trial balance contains real accounts rather than temporary accounts since temporary accounts are usually closed at this point of an accounting year, therefore making the trial balance the last process of the accounting cycle and also the most important.

Learn more on trial balance

What is trail balance? how is it prepared? explain.

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If the trial balance does not tally it means there are some errors in book of accounts.explain the procedure of locating these errors

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