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:

Manager-Managed LLC

A limited liability company in which the management is specifically designated to one or more managers, rather than being managed by all members.

Managers

Individuals responsible for controlling or administering all or part of a company or similar organization.

Members

Individuals or entities that are part of an organization or group and typically have certain rights, privileges, or responsibilities associated with membership.

Substantiation

The provision of evidence or proof to support a claim, allegation, or request, typically required in legal and financial contexts.