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:

Ketone

An organic compound characterized by a carbonyl group bonded to two other carbon atoms; important in organic chemistry and biology.

Trans-2-Methoxycyclohexanol

A compound featuring a cyclohexane ring with a methoxy group and a hydroxyl group in a trans configuration relative to each other.

Cyclohexanone

A six-membered cyclic ketone, used as a solvent and in the synthesis of nylon and other polymers.

1,2-Halohydrin

A compound containing a halogen and a hydroxyl group on adjacent carbon atoms, typically formed by the halogen addition to alkenes.