Asked by Daniel Romero on Apr 24, 2024

Financial statements should be prepared before the closing entries are journalized and posted.

Financial Statements

Formal records that convey the business activities and financial performance of a company, including balance sheet, income statement, and cash flow statement.

Closing Entries

These are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts.

Understand the preparation and significance of financial statements in the accounting cycle.

Learning Objectives

Understand the preparation and significance of financial statements in the accounting cycle.

Financial statements should be prepared before the closing entries are journalized and posted.

Definitions

Learning Objectives

Learning Objectives

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