Which of the Following Is an Optional Step in the Accounting

question 38

Multiple Choice

Which of the following is an optional step in the accounting cycle?

• A) Adjusting entries
• B) Closing entries
• C) Correcting entries
• D) Reversing entries

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Definitions:

Statutory Close Corporation Supplement

A legal provision that allows a closely held corporation to operate with fewer formalities and more flexibility than is typical under corporate law.

MBCA

Model Business Corporation Act, a model set of laws prepared by the Committee on Corporate Laws of the American Bar Association to guide states in the preparation of their corporate statutes.

Close Corporation

A type of business entity with a limited number of shareholders and restricted stock trading, often operated by family members or close associates.

Motion to Dismiss

A formal request to a court to dismiss a case on the grounds that it lacks basis for a lawsuit or is improperly filed.