Of the Following Steps of the Accounting Cycle, Which Step

question 205

Multiple Choice

Of the following steps of the accounting cycle, which step should be completed first?

• A) Closing entries are journalized and posted to the ledger.
• B) Transactions are posted to the ledger.
• C) Adjusting entries are journalized and posted to the ledger.
• D) Financial statements are prepared.

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Definitions:

Implicit Memory

Unconscious retention and recollection of past experiences.

Procedural Memory

A type of long-term memory that enables people to perform tasks without conscious awareness of having learned them.

Semantic Network

A conceptual structure used in cognitive psychology and artificial intelligence which represents semantic relations between concepts in a network.

Nodes

Points in a network or system where lines or pathways intersect or branch.