List, in order, the steps in the Financial Accounting Process.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
What will be an ideal response?
1. Capture the transaction on source documents.
2. Record in special journals.
3. Post to subsidiary ledger.
4. Post to general ledger (using journal vouchers).
5. Prepare the unadjusted trial balance.
6. Make adjusting entries.
7. Journalize and post adjusting entries.
8. Prepare adjusted trial balance.
9. Prepare financial statements.
10. Journalize and post closing entries.
11. Prepare the post-closing trial balance.
PTS: 1
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