The First Step of the Accounting Cycle Is

question 41

Multiple Choice

The first step of the accounting cycle is:

• A) recording journal entries.
• B) posting to the ledger.
• C) preparing closing entries.
• D) analyzing business transactions.

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Definitions:

Literacy Tests

Historically used in the United States as a means to disenfranchise racial minorities, particularly African Americans, under the guise of assessing eligibility to vote.

Disfranchised

Disfranchised refers to individuals who have been deprived of the right to vote or other rights of citizenship.

Voting

The act of making a choice among options in an election or referendum, typically through a ballot.

American Economy

The economic system of the United States, characterized by a mixed economy with private freedom combined with centralized economic planning and government regulation.