Answer:
The correct answer is prepare financial statements.
Explanation:
The financial statements are the documents that the company must prepare at the end of the accounting year, in order to know the financial situation and the economic results obtained in its activities throughout the period.
Answer:
prepare the financial statements
Explanation:
The accounting cycle is defined as the process of identifying, analyzing, recording, and reporting all the business's financial transactions.
For a small store the most important financial statements are the income statement (used to determine taxes) and the balance sheet. The income statements includes mostly temporary accounts: revenues, expenses, net income or losses, that must be closed at the end of the accounting period and they start from 0 the next period. The balance sheet includes permanent accounts like assets, liabilities and equity.
