Which of the Following Is Not Among the First Five

question 72

Multiple Choice

Which of the following is not among the first five steps in the accounting cycle?

• A) Record transactions in journals.
• B) Record closing entries.
• C) Adjust the general ledger accounts.
• D) Post entries to general ledger accounts.

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Definitions:

Substitution Effect

The economic principle that as prices rise (or incomes decrease), consumers will replace more expensive items with cheaper substitutes, holding utility constant.

Income

The amount of money received by an individual or household over a certain period, usually from employment or investments.

Price

The monetary figure anticipated, requisite, or paid as payment for a product.

Apples

A popular fruit known for its sweet taste, crisp texture, and variety of types, often used as a symbol in discussions comparing different goods or models in economics.