The First Four Steps in the Accounting Cycle, in Proper

question 162

Multiple Choice

The first four steps in the accounting cycle, in proper sequence, are ________.

• A) journalize, analyze the transactions, post to the general ledger, prepare an unadjusted trial balance
• B) analyze the transactions, journalize, post to the general ledger, prepare an unadjusted trial balance
• C) analyze the transactions, prepare an unadjusted trial balance, post to the general ledger, prepare an adjusted trial balance
• D) prepare an unadjusted trial balance, journalize, post to the general ledger, prepare an adjusted trial balance

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Definitions:

Deadweight Loss

The loss of economic efficiency that occurs when the equilibrium outcome is not achievable or not achieved in a market.

Tax Revenue

The financial earnings acquired by governments via taxation.

Deadweight Loss

The shortfall in economic efficiency arising when a market for a good or service does not meet or cannot meet the equilibrium point.

Excise Tax

A specific tax levied on the sale of a particular good or service, often included in the price of products like gasoline, alcohol, and tobacco.