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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

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BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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(a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.

(a)

To determine

Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting transactions of an organization and then processing them. The accounting cycle starts when a transaction takes places and it ends at the time when these transactions are recorded in the financial statements of the company.

The most important output of the accounting cycle.

Explanation

To prepare financial statements such as income statement, statement of retained earnings, statement of cash flows and balance sheet are consider as the most important outp...

(b)

To determine

To Explain: Whether all the companies have an accounting cycle.

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