Once an Unadjusted Trial Balance Has Been Prepared, the Next

question 62

Multiple Choice

Once an unadjusted trial balance has been prepared, the next step in the accounting cycle is

• A) calculate profit.
• B) calculate owner's capital at the end of the period.
• C) analyze the accounts for adjusting entries which need to be made.
• D) prepare financial statements.

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Definitions:

Economic Recession

A period of temporary economic decline during which trade and industrial activities are reduced, often identified by a fall in GDP in successive quarters.

Americans

Citizens or nationals of the United States, a diverse population with varied cultural, social, and economic backgrounds.

Nonprofit Organizations

Organizations that operate for the purpose of serving a public or mutual benefit other than the pursuit or accumulation of profits for owners or investors.

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