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:

XIO

This refers to "Examine If Open," a programming instruction used in ladder logic for programmable logic controllers (PLCs) to check if a condition is not true.

Internal Relay Coil

A component within a relay that, when energized, creates a magnetic field to actuate the relay contacts.

External Input Device

An external input device is any hardware device outside of the core system that provides input, such as a keyboard, mouse, or sensor.

External Output Device

A hardware component outside of the main computing device, such as a printer or a monitor, that receives data for display, printing, or other forms of output.