Which One of the Following Steps in the Accounting Cycle

question 68

Multiple Choice

Which one of the following steps in the accounting cycle is completed only at the end of an accounting period?

• A) Business transactions are analyzed
• B) Adjustments are recorded
• C) Transactions are journalized
• D) Journal entries are posted to the ledger

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Definitions:

Check Fee Expense

Charges incurred by a business or individual for issuing or cashing checks, often recognized as an expense.

Bank Service Charges

Fees charged by banks for account maintenance, transactions, or other financial services.

Note Collected

The receipt of cash from the repayment of a promissory note where the borrower repays the lender.

Deposits In Transit

Deposits that have been made to a bank account but not yet credited by the bank, leading to discrepancies in bank reconciliation.