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Explain the steps to generate a full set of accounting report?

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Explain the steps to generate a full set of accounting report?

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  1. record the transactions in the appropriate journals

    post the journals to the general ledger

    prepare a trial balance

    review balances and adjust trial balance as necessary

    prepare profit and loss statement and manufacturing statement

    close profit and loss accounts to income summary

    close income summary to retained earnings

    prepare balance sheet

    prepare statement of changes in financial position

    prepare statement of retained earnings

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