Which of the Following Steps in the Accounting Cycle May

question 4

Multiple Choice

Which of the following steps in the accounting cycle may be performed more frequently than annually?

• A) Prepare a post-closing trial balance.
• B) Journalize closing entries.
• C) Post closing entries.
• D) Prepare a trial balance.

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Definitions:

Wages Expense

The total amount of money paid to employees for work performed, reported on the income statement.

Clawback Provisions

Terms included in contracts that require an individual to return money previously earned, often used to reclaim bonuses or other compensation under certain conditions.

Whistleblower Provisions

Regulations and policies that protect individuals who report illegal or unethical activities within an organization.

Sarbanes-Oxley Act

A U.S. federal law that aimed to protect investors by making corporate disclosures more reliable and accurate, enacted in response to financial scandals.