Accountant Alan Wingspan Has Just Finished Working on the Balance

question 261

Multiple Choice

Accountant Alan Wingspan has just finished working on the balance sheet,income statement,and statement of cash flows for his company.The next step in the accounting cycle involves:

• A)Posting the results of these statements to the appropriate journal.
• B)Analyzing the firm's financial statements to evaluate the financial condition of the firm.
• C)Conducting forensic tests of the data to ensure its accuracy.
• D)Placing the data used to construct the statements into an archive known as a data warehouse.

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Definitions:

Possible Outcomes

The set of all distinct outcomes that can result from a particular statistical experiment or random event.

Events

Occurrences or happenings, especially significant ones that can be statistically analyzed.

Possible Outcomes

Refers to all the potential results that can occur in any probabilistic or random event.

Probability

The measure of the likelihood that an event will occur, expressed as a number between 0 and 1.