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Questions and Answers
What is the outcome of recording transactions directly in T-accounts?
What is the outcome of recording transactions directly in T-accounts?
- Formulation of income and expenses
- Preparation of journal entries
- Statement of financial position
- Balancing of accounts (correct)
What is the purpose of preparing a list of balances?
What is the purpose of preparing a list of balances?
- To prepare a statement of financial position (correct)
- To post transactions to accounts
- To journalise income and expenses
- To prepare a statement of profit or loss
What is the next step after posting transactions to accounts?
What is the next step after posting transactions to accounts?
- Preparing a list of balances (correct)
- Preparing a statement of financial position
- Preparing a statement of profit or loss
- Journalising income and expenses
What is the purpose of journalising income and expenses?
What is the purpose of journalising income and expenses?
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What is the outcome of preparing a statement of profit or loss and a statement of changes in equity?
What is the outcome of preparing a statement of profit or loss and a statement of changes in equity?
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