Which of the Following Accounting Steps in the Accounting Process

question 103

Multiple Choice

Which of the following accounting steps in the accounting process would be completed last?

• A) preparing the adjusted trial balance
• B) posting
• C) preparing the financial statements
• D) journalizing

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Definitions:

Cost of Goods Sold

Cost of Goods Sold (COGS) is an accounting term indicating the direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Overapplied Overhead

Overapplied overhead occurs when the allocated manufacturing overhead cost is more than the actual overhead costs for a production period.

Cost of Goods Sold

The direct costs attributable to the production of the goods sold by a company, including material and labor costs.

Job Order Costing

An accounting method that tracks production costs individually for each job or batch, commonly used in custom manufacturing.