Jim Benes is confused about how accounting information flows through the accounting system. He believes the flow

Question:

Jim Benes is confused about how accounting information flows through the accounting system. He believes the flow of information is as follows.
(a) Debits and credits posted to the ledger.
(b) Business transaction occurs.
(c) Information entered in the journal.
(d) are prepared.
(e) Trial balance is prepared. Is Jim correct? If not, indicate to Jim the proper flow of the information.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...