The Two Optional Steps in the Accounting Cycle Are Preparing

question 33

Multiple Choice

The two optional steps in the accounting cycle are preparing

• A) a post-closing trial balance and reversing entries.
• B) a worksheet and post-closing trial balances.
• C) reversing entries and a worksheet.
• D) an adjusted trial balance and a post-closing trial balance.

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Definitions:

Plain Meaning Rule

A principle used in legal interpretation stating that words in a statute or legal document should be given their ordinary meaning.

Maxims

Established principles or rules of conduct, often serving as legal guidelines or moral philosophies.

Declaratory Judgment

One that expresses the opinion of a court on a question of law without ordering anything to be done.

Standing to Sue

The legal right to file a lawsuit or pursue a court action, based on having a direct and tangible interest in the outcome.