Which of the Following Steps in the Accounting Cycle Usually

question 162

Multiple Choice

Which of the following steps in the accounting cycle usually occurs only at the end of a company's annual accounting period?

• A)Step 3: Post to the ledger accounts.
• B)Step 7: Prepare financial statements.
• C)Step 6: Prepare adjusting trial balance.
• D)Step 9: Prepare a post-closing trial balance.

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Definitions:

Greatest Happiness Principle

The ethical principle that actions are right in proportion as they tend to promote happiness, wrong as they tend to produce the reverse of happiness, core to Utilitarian philosophy.

Utility

In economics and philosophy, the measure of satisfaction or benefit that an individual receives from a choice or action; in utilitarianism, it's the overall happiness or good produced.

Double Effect

An ethical principle that allows actions which have two effects: one intended and good, and the other unintended and potentially harmful, under certain conditions.

Pleasure

A feeling of happy satisfaction and enjoyment.