Question

1. Analyze financial statements. 2. Transfer journal entries to ledger 3. Prepare the financial statements. 4. Record transactions in journals. 5. Take a trial balance. 6. Analyze source documents Match each of the options above to the items below. i. Separate purchasing receipts from sales documents. ii. Record financial data. iii. Post individual transactions into a single account. iv. Summarize data in the ledgers. v. Prepare income statement. vi. Evaluate profit/loss of the firm.

Answer 1

Analyze transactions- Post individual transactions into a single account, Transfer journal entries to ledger-Summarize data in the ledgers, Prepare the financial statements-Evaluate profit/loss of the firm, Record transactions in journals--Prepare income statement, Take a trial balance-Record financial data, Analyze source documents- Separate purchasing receipts from sales documents.

What is profit and loss?

Profit is the excess amount of the firm, which the business has attended in the financial year of working. I t includes the net profit. Loss is the amount that a firm occurred during a year, it covers the net loss of the firm.

Thus, the statement are matched above.

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