The Step in the Accounting Cycle That Is Performed on a Periodic

question 157

Multiple Choice

The step in the accounting cycle that is performed on a periodic basis (i.e. monthly quarterly) is

• A) analyzing transactions.
• B) journalizing and posting adjusting entries.
• C) preparing a post-closing trial balance.
• D) posting to ledger accounts.

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Definitions:

Domestic Corporation

A corporation that is incorporated and operates in its country of origin, adhering to the laws and regulations of that country.

One Class of Stock

A corporate structure where all shares offer the same rights, privileges, and limitations to shareholders, without tiered levels of stock.

Corporate Name

The legal name under which a corporation is registered to do business, which is protective and exclusive in many jurisdictions.

Distinguishable

Capable of being recognized as different or distinct from others based on specific characteristics or criteria.