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(a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.
Financial And Managerial Accounting
Solutions
Financial And Managerial Accounting
(a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.
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 of Solution
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 output of the accounting cycle...
To Explain: Whether all the companies have an accounting cycle.
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