What Is the Correct Order of the Following Events in the Accounting

question 77

Multiple Choice

What is the correct order of the following events in the accounting process? I.Financial statements are prepared.
II) Adjusting entries are recorded.
III) Nominal accounts are closed.

• A) I,II,III
• B) II,I,III
• C) III,II,I
• D) II,III,I

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Definitions:

Direct Materials

Raw materials directly used in the manufacture of a product and can be easily traced to the finished product.

Variances

Differences between planned or expected financial performance and the actual outcome.

Kilos

A kilo or kilogram is a metric unit of mass equal to 1000 grams, used worldwide for measuring weight.

Fixed Manufacturing Overhead Rate

A constant charge used to allocate fixed overhead costs to products or services, regardless of production volume.