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:

Negligent Conduct

Behavior that falls below the standards of care established by law for the protection of others against unreasonable risk of harm.

Duty of Care

A legal obligation requiring individuals to exercise a reasonable standard of care while performing acts that could foreseeably harm others.

Intentional Conduct

Describes actions undertaken with the aware intent to cause a particular result or outcome.

Legal Imperialism

American insistence that all disputes be resolved under American law.