Pete Riser is confused about how accounting information flows through the accounting system. He believes information flows

Question:

Pete Riser is confused about how accounting information flows through the accounting system. He believes information flows in this order:
(a) Debits and credits are posted to the ledger.
(b) Accounting transaction occurs.
(c) Information is entered in the journal.
(d) are prepared.
(e) Trial balance is prepared.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...