Which of the Following Depicts the Proper Sequence of Steps

question 84

Multiple Choice

Which of the following depicts the proper sequence of steps in the accounting cycle?

• A) Journalize the transactions analyze business transactions prepare a trial balance
• B) Prepare a trial balance prepare financial statements prepare adjusting entries
• C) Prepare a trial balance prepare adjusting entries prepare financial statements
• D) Prepare a trial balance post to ledger accounts post adjusting entries

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Definitions:

Weighted-Average Method

An inventory costing method that assigns the average cost of goods available for sale to both ending inventory and cost of goods sold.

Equivalent Units

A concept used in cost accounting to express the amount of work done on incomplete units in terms of fully completed units.

Finished Goods Inventory

Manufactured products that are complete and ready for sale.

Cost Of Goods Sold

The total direct costs attributable to the production of the goods sold in a company, including materials and labor.