The Eight Recurring Steps Performed Each Accounting Period, Starting with Recordingtransactions

question 53

Multiple Choice

The eight recurring steps performed each accounting period, starting with recordingtransactions in the journal and continuing through the post-closing trial balance, is called the:

• A)Closing cycle.
• B)Natural business year.
• C)Accounting period.
• D)Operating cycle.
• E)Accounting cycle.

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Definitions:

Paperback Novels

Books printed on lower-quality paper with soft covers, typically more affordable and portable than their hardcover counterparts.

Gasoline

A volatile, flammable liquid derived from petroleum, used chiefly as fuel in internal-combustion engines.

Inelastic

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price.

FICA

The Federal Insurance Contributions Act, a United States federal payroll tax that funds Social Security and Medicare.