Answers
The statement is True :
The steps to accounting cycle includes the following :
| 1 | Identify the transaction (whether transaction is to be recorded or not ) |
| 2 | Record transactions in Journal |
| 3 | Posting of transactions to ledger |
| 4 | preparing unadjusted trial balance |
| 5 | Recording adjusting entries |
| 6 | preparation of adjusted trial balance |
| 7 | preparation of financial statement |
| 8 | closing of books |
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