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1. What are working papers? How important are these working papers in the accounting process? 2. Why are closing entries important? 3. Explain what income summary is. 4. What is a post-closing trial balance? Part II. Steps of the Accounting Process Ten events common to the accounting function of a business entity are listed below. On the spaces provided below, write the events in the sequence in which they would logically and chronologically occur, 1 being first event and 10 being the last. Accounting Functions A - Determining Ledger Account F - Posting from the journal to the Balances ledger B - Analyzing the transactions G - Preparing a business document C - Preparing the Statement of H - Preparing a Statement of Financial Position Comprehensive Income D - Preparing the Trial Balance I - Journalizing the transactions E - Occurrence of a business J - Preparing the Statement of transaction Changes of Owner's Equity Answers: 1. 2. 3. 4. 9. 10