One of the major financial statements prepared in the fifth step of the accounting cycle is the:
A)cash flow statement.
B)general journal.
C)social audit.
D)asset summary.

Question

Quizplus · Accepted Answer

The cash flow statement is one of the major financial statements prepared in the fifth step of the accounting cycle. It shows the inflow and outflow of cash during a specific period, providing important information about a company's liquidity and ability to meet its financial obligations. The other options, general journal, social audit, and asset summary, are not financial statements prepared in the fifth step of the accounting cycle.

One of the Major Financial Statements Prepared in the Fifth