Some of the Steps in the Accounting Cycle Are Listed

question 211

Multiple Choice

Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order.
1) Close the accounts.
2) Post transactions to accounts in the ledger.
3) Journalize daily transactions.
4) Record and post adjustments.
5) Prepare financial statements.

• A)2,3,4,5,1
• B)3,2,4,5,1
• C)3,2,4,1,5
• D)3,2,5,4,1

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Definitions:

Persons Versus Situations

A debate in psychology concerning the relative influence of personal traits and situational factors on human behavior.

Behavior

Behavior refers to the actions or reactions of an organism or system, usually in response to the environment, which can be observable or measurable.

Funder

A term often referring to an individual or organization that provides financial resources for projects or research.

Situations

External environments or contexts in which an individual finds themselves, which can influence behavior and decision-making processes.