The Accounting Cycle Is a Series of Steps That Process

question 120

Multiple Choice

The accounting cycle is a series of steps that process the accounting information contained in its transactions, events, and arrangements. What are the steps involved in this task?

• A) Record, organize, close, report
• B) Organize, record, report, analyze
• C) Record, organize, summarize, report
• D) Analyze, prepare, record, report

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Definitions:

Actualizing Tendency

An innate drive in living organisms to develop all their capacities in ways which serve to maintain or enhance themselves.

Positive Regard

The acceptance, love, and support one receives from others, often seen as crucial for self-esteem and psychological growth.

Deprivation Need

A concept in psychology referring to the absence of essential psychological or physical needs which can lead to negative outcomes.

Maslow

Pertains to Abraham Maslow, an American psychologist known for creating Maslow's hierarchy of needs, a theory of psychological health predicated on fulfilling innate human needs.