t is very important to record business transactions correctly. If the recording of transactions in the book of original entry is erroneous, their posting to the book of final entry will also be erroneous. The error committed will definitely be reflected in the final process of bookkeeping. Now let us recall the processes in simple bookkeeping before we proceed to the lesson this week which is the preparation of financial statements. What are the Bookkeeping processes prior to the preparation of financial statements? Identify each process and describe them in your own words.
t is very important to record business transactions correctly. If the recording of transactions in the book of original entry is erroneous, their posting to the book of final entry will also be erroneous. The error committed will definitely be reflected in the final process of bookkeeping. Now let us recall the processes in simple bookkeeping before we proceed to the lesson this week which is the preparation of financial statements. What are the Bookkeeping processes prior to the preparation of financial statements? Identify each process and describe them in your own words.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter11: Accounting For Transactions Using A General Journal
Section: Chapter Questions
Problem 1AFE
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It is very important to record business transactions correctly. If the recording of transactions in the book of original entry is erroneous, their posting to the book of final entry will also be erroneous. The error committed will definitely be reflected in the final process of bookkeeping. Now let us recall the processes in simple bookkeeping before we proceed to the lesson this week which is the preparation of financial statements.
What are the Bookkeeping processes prior to the preparation of financial statements? Identify each process and describe them in your own words.
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