An Optional Step in the Accounting Cycle Is the Preparation

question 32

Multiple Choice

An optional step in the accounting cycle is the preparation of

• A) adjusting entries.
• B) closing entries.
• C) a statement of cash flows.
• D) a post-closing trial balance.

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Definitions:

Foreign Corrupt Practices Act

A U.S. law passed in 1977 aimed at preventing companies from bribing foreign officials to gain a business advantage.

American Company

A business organization that is registered and operates in the United States, adhering to the laws and regulations of the country.

Foreign Official

A representative or an employee of a government or governmental body of another country.

Nontariff Barriers

Restrictions that countries use to control the amount of trade across their borders, not including the use of tariffs, such as quotas and embargoes.