The First Required Step in the Accounting Cycle Is

question 98

Multiple Choice

The first required step in the accounting cycle is

• A) reversing entries.
• B) journalizing transactions in the book of original entry.
• C) analyzing transactions.
• D) posting transactions.

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Definitions:

AVC

Average Variable Cost, which is the total variable costs (costs that change with production levels) divided by the quantity of output produced.

AFC

Average Fixed Cost; the fixed expenses of a company divided by the number of units produced.

AC

Typically refers to "air conditioning," a system for controlling the humidity, ventilation, and temperature in a building or vehicle.

Average Fixed Costs

The cost incurred by a company that does not change with the level of goods or services produced, averaged over a period.