The Two Optional Steps in the Accounting Cycle Are Preparing

question 33

Multiple Choice

The two optional steps in the accounting cycle are preparing

• A) a post-closing trial balance and reversing entries.
• B) a worksheet and post-closing trial balances.
• C) reversing entries and a worksheet.
• D) an adjusted trial balance and a post-closing trial balance.

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Definitions:

Entrepreneur's Talent

is the unique skill set, creativity, and capacity to innovate and take risks that an entrepreneur brings to the economic table, instrumental in starting and growing businesses.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the financial gain exceeding the opportunity costs of resources.

Implicit Costs

Non-direct payments or out-of-pocket costs, representing the opportunity costs of using resources owned by the firm for its own use.

Explicit Costs

Payments made directly to individuals or entities for business operations, including salaries, leasing costs, and supplies.