Which of the following represents the MOST appropriate accounting cycle of any nature of a business?

Which of the following represents the MOST appropriate accounting cycle of any nature of a business?

  1. Source documents, prime books, Balance sheet, ledger accounts, trial balance and trading and profit and loss accounts
  2. Balance sheet, source documents, prime books, ledger accounts, trial balance and trading and profit and loss accounts
  3. Balance sheet, prime books, source documents, trial balance, ledger accounts, and trading and profit and loss accounts
  4. Trading and profit and loss accounts, balance sheet, source documents, prime books, ledger accounts, trial balance

ANSWER IS!

            (2)