Which of the following refers to the process of generating financial statements, beginning with a business transaction and ending with the preparation of the report?

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BlackTom AI · Accepted Answer

The question asks which term describes the process of generating financial statements, starting from a business transaction and ending with the preparation of the report.
Option 1: internal reporting. This refers to reporting used within the organization for management purposes, not the end-to-end process of creating financial statements for external or internal use. It focuses more on internal decision-making rather than the full accounting cycle.
Option 2: Generally Accepted Accounting Principles (GAAP). GAAP is a set of rules and standards for preparing financial statements, not the sequence or process itself. It governs how the statements are prepared, but does not describe the step-by-step workflow from transaction to report.
Option 3: external reporting. External reporting describes presenting financial information to external users (investors, creditors, regulators). While it involves financial statements, it does not define the procedural sequence from transactions to the final report.
Option 4: the accounting cycle. This term explicitly denotes the full process that begins with recording a business transaction and culminates in the preparation of the financial statements, including journal entries, posting to ledgers, trial balance, adjustments, and reporting. It captures the end-to-end workflow described in the question.
Therefore, when considering the full sequence from initial transaction to final report, the described process aligns with the accounting cycle.

2025SU BSN 100 01 Quiz: Chapter14

Which of the following refers to the process of generating financial statements, beginning with a business transaction and ending with the preparation of the report?

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