After Transactions Are Recorded in the General Journal, the Next

question 78

Multiple Choice

After transactions are recorded in the general journal, the next step in the accounting cycle is to ________.

• A) prepare adjusting journal entries
• B) prepare an adjusted trial balance
• C) prepare financial statements
• D) post journal entries to the general ledger

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Definitions:

Accumulated

The total gathered or collected amount over a period of time, referring to various contexts such as finances, data, or materials.

Invested at

Refers to the specific time or price point at which investments are made into a financial instrument or asset.

Accounting Rate of Return

A financial metric used to assess the profitability of an investment, calculated as the average annual profit divided by the initial investment cost.

Incremental Revenue

Additional income generated from a new action or decision, beyond what would have been achieved without it.