Which of the Following Is Performed First at the End

question 27

Multiple Choice

Which of the following is performed first at the end of each accounting period?

• A) Prepare adjusting entries.
• B) Prepare a post-closing trial balance.
• C) Prepare closing journal entries.
• D) Prepare the statement of retained earnings.

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Definitions:

Widgets

A generic term often used to describe an unspecified or hypothetical manufactured product.

Labor

The use of mental and physical capabilities in the creation of products and services.

Efficient

Describes a system or process that achieves maximum productivity with minimum wasted effort or expense.

Needed Resources

Essential materials, funds, or personnel required for the execution of a project or the operation of an entity.