One of the Key Financial Statements Prepared in the Fifth

question 199

Multiple Choice

One of the key financial statements prepared in the fifth step of the accounting cycle is

• A) general journal.
• B) statement of cash flows.
• C) asset summary.
• D) social audit.

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Definitions:

Cashier Department

A division in a company or organization responsible for handling cash transactions, receipts, and disbursements.

Safety Deposit Boxes

Secure containers usually held within a bank vault, used to store valuable possessions, documents, or data that the owner wishes to protect.

Control Activity Over Cash

Practices and procedures implemented to manage and safeguard cash transactions and prevent fraud.

Payments To Creditors

It refers to the amounts of money a company owes to its suppliers or service providers and plans to pay back.