Ask Question
20 November, 13:33

Juan Kirby is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows. (a) Debits and credits posted to the ledger. (b) Business transaction occurs. (c) Information entered in the journal. (d) Financial statements are prepared. (e) Trial balance is prepared.

+2
Answers (1)
  1. 20 November, 16:00
    0
    The following steps to flow the accounting information

    (b) Business transaction occurs.

    (c) Information entered in the journal. It includes the narration part

    (a) Debits and credits posted to the ledger to their respective accounts

    (e) A trial balance is prepared. It aims to match the total debit and total credit columns

    (d) Financial statements are prepared so that it could analyze the financial performance, position of the business organization

    All these above steps are to be followed systematically so that the financial statement could be present in an accurate and ethical way. It must be free from any bias, it always be presented independently.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question ✅ “Juan Kirby is confused about how accounting information flows through the accounting system. He believes the flow of information is as ...” in 📘 Business if you're in doubt about the correctness of the answers or there's no answer, then try to use the smart search and find answers to the similar questions.
Search for Other Answers