Respond that the following statements are true or false: 1. The flow of data through the accounting
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Question:
Respond that the following statements are true or false:
1. The flow of data through the accounting information system includes analyzing transactions, journalizing, posting, and preparing a trial balance.
2. It is permissible to enter information about a transaction in the ledger accounts first, before entering the information in the journal.
3. All transactions must be posted before preparing a trial balance.
4. Adjusting entries affect only the owner's equity accounts.
Related Book For
Statistics For The Life Sciences
ISBN: 9780321989581
5th Edition
Authors: Myra Samuels, Jeffrey Witmer, Andrew Schaffner
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