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:

Farm Income

The earnings from agricultural operations, including the sale of crops, livestock, and other farm-related sources.

Farm Household

A living arrangement where families live and work primarily on a farm producing agricultural goods.

Demand For Agricultural Products

The consumer need or desire for products originating from farming and agriculture.

U.S. Consumers

Individuals or households in the United States that purchase goods and services for personal use.