Which of the Accounting Steps in the Accounting Process Below

question 134

Multiple Choice

Which of the accounting steps in the accounting process below would be completed last?

• A) preparing the adjusted trial balance
• B) posting
• C) preparing the financial statements
• D) journalizing

Recognize the changing dynamics in product distribution practices and their impact on consumers and businesses.

Understand the classification of products and their relevance in marketing strategies.

Understand the development stages and mechanisms of language acquisition.

Recognize the impact of cognitive biases and logical fallacies on reasoning and decision-making.

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Definitions:

Operating Cycle

The average period it takes for a business to convert its inventory into cash flows from sales, reflecting the time taken to sell inventory, collect receivables, and pay bills.

Income Summary

An account used in the closing process that summarizes the results of operations—revenues and expenses—over a specific period before transferring the net amount to retain earnings.

Accounting Cycle

A complete cycle that describes the steps in recording and processing financial transactions of a company from when the transaction occurs to its representation on the financial statements, and until the accounts are closed.

Pro Forma Statements

Pro forma statements are financial reports that project the future financial performance of a company based on current and past data, assuming certain conditions or events.