Which of the Following Is the Final Step in the Accounting

question 107

Multiple Choice

Which of the following is the final step in the accounting cycle?

• A) Journalize the transactions.
• B) Post to ledger accounts.
• C) Preparing a post-closing trial balance.
• D) Journalize and post closing entries.

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Definitions:

Anticipated Income

Anticipated income is the amount of money expected to be received in the future, from sources like work wages, investments, or other revenue streams.

Production and Consumption

The processes of creating goods and services (production) and using or purchasing them (consumption).

Goods and Services

The tangible products (goods) and intangible activities (services) that fulfill consumers' needs and wants, available through economic transactions.

Professional Obligations

Duties or responsibilities that professionals are expected to fulfill in adherence to the standards and ethics of their profession.