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In 150 words or less, answer the following: In what order must the financial statements be prepared? Why must they be prepared in this order?

In 150 words or less, answer the following:

  • In what order must the financial statements be prepared?
  • Why must they be prepared in this order?
  • How does the standard order of accounts in the general ledger and in adjusted trial balances facilitate the preparation of financial statements?

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