which of the following statements is true regarding the flow of accounting information? a. the...
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Accounting
which of the following statements is true regarding the flow of accounting information?
a. the account balances in the adjusted trial balance are used to prepare financial statements for the current accounting period
b. transactions are first recorded in the ledger accounts and then transferred to the accounting journals
c. the net income (revenue less expenses) as reported on the income statement is also reported on the balance sheet
d. the dividends reported on the statement of retained earnings are also reported on the income statement
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