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State the Guidelines for Preparing a Specific Purpose

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State the guidelines for preparing a specific purpose.


Definitions:

Adjusted Trial Balance

A trial balance prepared after adjusting entries are made, used to verify the balance of debits and credits.

Financial Statements

Are documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

General Ledger

The master set of accounts that summarize all transactions occurring across a company.

Adjusting Entry

An adjusting entry is a journal entry made in the accounting records at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred.

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