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Why is it important to know the rules and steps in making Journal Entries in the Accounting Cycle?​

Sagot :

Delrosariom06210idn

Answer:

The accounting cycle is a procedure meant to help business owners with the financial accounting of their operations. An accounting cycle typically consists of eight phases. The accounting cycle concludes by providing business owners with complete financial performance reports that can be utilized to examine the firm. The accounting cycle consists of eight steps: recognizing transactions, documenting transactions in a journal, posting, the unadjusted trial balance, the worksheet, modifying journal entries, financial statements, and closing the books. Despite the fact that practically all accounting is done electronically, it must still be rigorously reviewed.

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