Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

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Academy of PakistanTest & Learning

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383AccountingMedium

AIdentifying transactions

BPreparing trial balances

CPreparing financial statements

DPreparing “T Accounts”

Correct answer

C. Preparing financial statements

Explanation

Preparing financial statements is the correct answer. Review the question and compare it with the other choices to remember this fact for future exams.

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting? - Answer and Explanation | Academy of Pakistan