The procedure used by accountants to convert data about individual transactions to financial statements is called
A)the cash flow method.
B)the statement of owners' equity.
C)the accounting cycle.
D)the balance sheet.

Question

Quizplus · Accepted Answer

The accounting cycle is the comprehensive process used by accountants to convert data about individual transactions into financial statements. This cycle includes several steps, such as recording journal entries, posting to the ledger, preparing trial balances, making adjusting entries, and finally, compiling the financial statements.

The Procedure Used by Accountants to Convert Data About Individual