The Final Step in the Accounting Cycle Is to Prepare

question 137

Multiple Choice

The final step in the accounting cycle is to prepare

• A) closing entries.
• B) financial statements.
• C) a post-closing trial balance.
• D) adjusting entries.

Learn the breakdown and components of Return on Assets (ROA).

Calculate and interpret ratios related to balance sheet items (e.g., long-term liabilities, accounts receivable).

Understand financial strategies that can improve a company's financial performance (e.g., increasing ROA).

Identify and calculate key financial ratios such as inventory turnover, interest coverage, and quick ratio.

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Definitions:

Professional Record

A documented history of an individual's professional achievements, skills, education, and employment history.

Source-oriented Medical Records

An organizational scheme for healthcare documentation where information is grouped according to the source or department that provided the data, making it easier to track specific types of information.

Medical Assistant

A healthcare professional who performs administrative and clinical tasks to support the work of physicians and other health professionals.

Informed Consent Form

A document that explains the risks, benefits, and alternatives of a procedure or treatment, to be signed by a patient, indicating their understanding and agreement to proceed.