The Following Are Steps in the Accounting Cycle

question 20

Multiple Choice

The following are steps in the accounting cycle:

What is the order that is normally followed?

• A) 4, 7, 3, 6, 1, 9, 2, 8, 5.
• B) 4, 7, 3, 6, 8, 9, 1, 2, 5.
• C) 4, 7, 3, 6, 1, 9, 8, 2, 5.
• D) None of the above.

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Definitions:

Wal-Mart Stores

A global retail company managing a series of supercenters, budget department stores, and supermarkets.

Probate

The legal process of verifying a deceased person's will and administering their estate.

Personal Exemption

A specific amount that taxpayers could previously subtract from their gross income for themselves and each of their dependents. Note: As of my last update, changes in tax law may have affected this term.

Estate Income Tax

A tax imposed on the income generated by an estate during the period of administration.