Once a Trial Balance Has Been Prepared,the Next Step of the Accounting

question 352

Multiple Choice

Once a trial balance has been prepared,the next step of the accounting cycle involves:

• A)Posting the information to the correct ledger accounts.
• B)Completing a balance sheet and ratio analysis.
• C)Preparing financial statements such as the balance sheet,income statement,and statement of cash flows.
• D)Classifying the transactions into logical categories.

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Definitions:

Postbox Rule

A principle in contract law that an offer is considered accepted when the acceptance letter is dispatched, not when it is received.

Time of Mailing

The specific date and time at which mail is officially accepted by a postal service for delivery.

Postbox Rule

A legal principle that an offer is considered accepted once the acceptance is dispatched by the offeree, not when it is received by the offeror.

Elephant Garlic

A large, mild-flavored variety of garlic that resembles a bulb of leek rather than a true garlic.