BUISENESS MANAGEMENT
MERCHANDISING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Financial Statement is the seventh steps of accounting cycle
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -The accounting cycle is the holistic process of recording and processing all financial transactions of a company, from when the transaction occurs, to its representation on the financial statements, to closing the accounts.
Detailed explanation-2: -#9 – Close the books Making closing entries is the last step of the accounting cycle. It indicates that firms have created all financial statements, and recorded, analyzed, and summarized all business transactions thoroughly.
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