The Financial Accounting Cycle Ends With

question 33

Multiple Choice

The financial accounting cycle ends with:

• A)The production of financial statements
• B)The production of a post closing trial balance
• C)The production of an adjusted trial balance
• D)Development of cash forecasts

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Definitions:

Interim Financial Report

A set of financial statements covering a period shorter than a full fiscal year, usually quarterly or semi-annually, to provide investors and other stakeholders with up-to-date information.

Inventory

The raw materials, work-in-process goods, and completely finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Interim Report

A financial statement reported by a company for a period less than one year, often quarterly, that provides updates on its operations and financial status.