The Two Optional Steps in the Accounting Cycle Are Preparing

question 33

Multiple Choice

The two optional steps in the accounting cycle are preparing

• A) a post-closing trial balance and reversing entries.
• B) a worksheet and post-closing trial balances.
• C) reversing entries and a worksheet.
• D) an adjusted trial balance and a post-closing trial balance.

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Definitions:

Deductible

The amount paid out of pocket by the policyholder before an insurance company pays a claim.

Insurance Premiums

The amount paid by an individual or business for insurance coverage, typically charged monthly or annually.

Deducted

The process of subtracting an amount from a total, especially from taxable income or expenses.

Insurance Premiums

Payments made regularly to an insurance company in exchange for coverage.