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Hello everyone.
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So the question says that the following contains the various steps of the financial reporting process, place these steps in the proper order and indicate whether each step is a function of the tps, gls or frs.
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So the financial reporting process is a multi -step activity that starts from capturing a transaction and concludes with the preparation and presentation of financial statements.
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So the steps of the financial reporting process will be first one would.
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We capture the transaction and it is a tps function.
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Next in the sequence is record transaction in special general and it is again a tps function.
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Now the third step is post to subsidiary ledger.
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This is again a tps function.
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Fourth step is to prepare the unadjusted trial balance.
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Now this is a frs function.
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Coming to the fifth step, that involves prepare the post -closing trial balance.
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And this is also an frs function...