Put the Steps of the Accounting Cycle in the Correct

question 49

Essay

Put the steps of the accounting cycle in the correct order: Adjust Analyze transactions Close Journalize Post Prepare adjusted trial balance Prepare post-closing trial balance Prepare statements Prepare unadjusted trial balance

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Definitions:

Short-Term Capital Loss

A financial loss realized on the sale of securities or assets held for one year or less, which can be used to offset capital gains for tax purposes.

Long-Term Capital Gain

The profit from the sale of an asset held for more than a year, generally taxed at a lower rate than short-term gains.

AGI

Adjusted Gross Income, the total income minus specific deductions, serving as a basis for calculating taxable income and certain tax credits.

Section 1231 Gain

A gain from the sale or exchange of property used in a business or trade that is treated as capital gain for tax purposes, providing tax advantages.