The Steps in the Accounting Cycle Do Not Need to Be

question 93

True/False

The steps in the accounting cycle do not need to be followed in the order stated. Monthly financial statements can be prepared with a good amount of accuracy, prior to posting in the ledger or preparing the trail balance.

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Definitions:

Federal Regulators

Government agencies responsible for creating and enforcing rules and standards within certain industries or sectors.

Task Environment

The part of the environment that is directly relevant to the organization.

External

External refers to something outside or not within the internal or personal scope of an individual or organization.

Organizational Systems

The structured arrangement of parts, people, and processes within an organization that work together to achieve its goals.