Which of the Following Has Steps of the Accounting Cycle

question 45

Multiple Choice

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

• A) analyze and record transactions, post transactions to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
• B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
• C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance
• D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

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Definitions:

Machine-Hours

A measure of production activity that represents the total hours machines are operating over a given period.

Overapplied

A scenario in which the overhead attributed to products or services surpasses the real overhead expenses.

Manufacturing Overhead Cost

Expenses related to the manufacturing process that are not directly tied to the production of goods, such as utilities and rent for the manufacturing facilities.

Actual Output

refers to the actual quantity of goods or services produced by a business within a given period.