- serves to transfer the balances - to gauge relevance and reliability

out of certain temporary accounts

8 1
of a transaction.
into permanent ones.
CLOSING IDENTIFY
THE TRANSACTIONS
BOOK

- obtained from the - serves as the

adjusted trial 7 2 building blocks for the
balance; Statement nancial record.
of Cash ows, Income FINANCIAL
RECORD
and Balance sheet. TRANSACTIONS
STATEMENTS

ACCOUNTING
- helps identify any
errors throughout the
6
ADJUSTED
TRIAL
CYCLE 3
POST
LEDGER
- provides a breakdown
of all activities and to
rst ve steps in the monitor statuses.
BALANCE ENTRIES
cycle.

5 4
UNADJUSTED - important step towards
- to ensure that your nancial ADJUSTING TRIAL
ENTRIES preparing a complete set of
statements will re ect accurate BALANCE nancial position.
data.
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