The Final Step in the Accounting Cycle Is

question 11

Multiple Choice

The final step in the accounting cycle is

• A) preparing the post-closing trial balance.
• B) preparing the financial statements.
• C) journalizing the closing entries.
• D) journalizing the adjusting entries.

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Definitions:

Discrepancy

A divergence or difference between two or more things or facts, often leading to a need for adjustment or resolution.

Self-Efficacy

An individual's belief in their capability to execute behaviors necessary to produce specific performance attainments.

Self-Regulation

A process whereby people set goals, creating a discrepancy between the desired state and the current state.

Social Cognitive Theory

A theory of learning and social behavior which proposes that new behaviors can be acquired by observing and imitating others.