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:

Pork-barrel Spending

Government spending allocated through legislation that specifically benefits a small group or locality, often viewed as a way to gain political support.

Tax Savings

The reduction in tax payments achieved through deductions, credits, and other allowances under tax laws.

Concentrated Benefits

Benefits that accrue to a small, specific group within society, often at the expense of the general public.

Operational Efficiency

The capability of an organization to minimize waste and cost while maximizing output and quality in its operations.