Which of the Following Is an Optional Step in the Accounting

question 38

Multiple Choice

Which of the following is an optional step in the accounting cycle?

• A) Adjusting entries
• B) Closing entries
• C) Correcting entries
• D) Reversing entries

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Definitions:

Resource Markets

Markets where productive resources (like labor, capital, and raw materials) are bought and sold.

Products

Goods or services that are created through a process of production and offered in the market to satisfy consumer needs or wants.

Resource Markets

Markets where factors of production (like labor, land, and capital) are bought and sold.

Households Incomes

Refers to the total amount of money earned or received by all members of a household, encompassing wages, salaries, benefits, and other income sources.