The basic accounting flow consists of the following events in what sequence?
1) Post to general ledger
2) Business transactions occur
3) Financial statements are prepared
4) Journal entries are recorded

Question

Quizplus · Accepted Answer

The correct sequence for the basic accounting flow is: 2) Business transactions occur first, then 4) Journal entries are recorded to capture these transactions. Following that, 1) these entries are posted to the general ledger to update the account balances. Finally, 3) Financial statements are prepared using the updated information in the general ledger.

The Basic Accounting Flow Consists of the Following Events in What