Which of the Following Steps of the Accounting Cycle Are

question 48

Multiple Choice

Which of the following steps of the accounting cycle are in the correct order?

• A) prepare a trial balance,post to general ledger accounts,journalize adjusting and closing entries
• B) make adjustments,complete a work sheet,post to general ledger accounts
• C) prepare financial statements,make adjustments,prepare a trial balance
• D) prepare a trial balance,make adjustments,prepare financial statements

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Definitions:

Tax Shifting

The transfer of the burden of a tax from the entity legally responsible for paying it to another party, often consumers, through higher prices.

Tax Evasion

The illegal practice of not paying taxes by not reporting income, reporting expenses not legally allowed, or by not paying taxes owed.

Corporate Profits Tax

A tax imposed on the income or profit earned by corporations.

Equilibrium

A state of balance or stability within a system, where all forces acting upon the system are equal and opposite, leading to no net change.