Question

The first step in the flow of accounting data is the preparation of source documents.

Answer 1

The preparation of source papers is the initial stage in the flow of accounting data. True is the response.

A process known as the accounting cycle was developed to make it easier for business owners to keep track of the financial aspects of their operations.

The first four steps in the accounting cycle include identifying and evaluating transactions, documenting transactions in a journal, publishing journal data to a ledger, and creating an unadjusted trial balance.

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