After All Closing Entries Have Been Journalized and Posted the Final

question 65

Short Answer

After all closing entries have been journalized and posted the final step in the accounting cycle is to prepare a ______________ trial balance.

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Definitions:

Transactions

The exchange or transfer of goods, services, or funds between two or more parties.

Chart Of Accounts

A list of accounts and the account numbers that identify their location in the ledger.

Special Ledger

A ledger used to record and track transactions of a specific nature, separate from the general ledger.

Accounting Systems

Frameworks used to collect, monitor, and interpret financial information of an organization or individual.