The First Required Step in the Accounting Cycle Is

question 77

Multiple Choice

The first required step in the accounting cycle is:

• A)adjusting entries.
• B)journalizing transactions.
• C)analyzing transactions.
• D)posting transactions.

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Definitions:

Immediate Profit

Earnings that are realized right after the completion of a transaction or operation.

Higher Market Share

A situation in which a company or product occupies a larger percentage of the total sales in its market relative to competitors.

Social Responsibility

The obligation of an organization to act in ways that benefit society at large, including ethical practices, environmentally sustainable operations, and community engagement.

Stakeholder Obligations

Responsibilities or duties a company owes to its stakeholders, including customers, employees, investors, and communities.