Define the Following:validity

question 56

Essay

Define the following:validity

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Definitions:

Journalizing Transactions

The act of recording business transactions into accounting records in chronological order.

Analyzing Transactions

The process of reviewing and breaking down financial transactions to determine their impact on the financial statements of a business.

Accounting Cycle

The series of steps followed by an organization to record and analyze financial transactions, culminating in financial statements.

Post-closing Trial Balance

A financial report created after all adjusting and closing entries are made, showing account balances ready for the next accounting period.