Which One of the Following Statements Concerning the Accounting Cycle

question 210

Multiple Choice

Which one of the following statements concerning the accounting cycle is incorrect?

• A) The accounting cycle includes journalizing transactions and posting to ledger accounts.
• B) The accounting cycle includes only one optional step.
• C) The steps in the accounting cycle are performed in sequence.
• D) The steps in the accounting cycle are repeated in each accounting period.

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Definitions:

Market

A place or system where buyers and sellers interact to trade goods, services, or financial instruments.

Expected Return

The anticipated amount of profit or loss an investment is likely to generate over a specific period.

Stock X

An online marketplace and clothing reseller, primarily of sneakers and streetwear.

Stock Y

A placeholder name for a specific stock not defined here; could be used to discuss hypothetical scenarios in finance.