The Final Step in the Accounting Cycle Is to Prepare

question 137

Multiple Choice

The final step in the accounting cycle is to prepare

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

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Definitions:

Information Gathering

The process of collecting data, facts, or insights from various sources to inform decisions, analyses, or understandings.

Stigma

A phenomenon whereby an individual is rejected as a result of an attribute that is deeply discredited by his or her society.

Type A Orientation

A behavioral pattern characterized by aggressive involvement in a chronic, incessant struggle to achieve more and more in less and less time, and if necessary, against the opposing efforts of other things or people.

Type B

Refers to a personality typology that is characterized by a lower level of stress, a patient nature, and a relaxed approach to life, contrasting with Type A personality.