Which of These Steps of the Accounting Cycle Occur During

question 172

Multiple Choice

Which of these steps of the accounting cycle occur during the accounting period (as opposed to at the end of the accounting period, or at year-end only) ?

• A) Analyze business transactions.
• B) Journalize and post adjusting entries.
• C) Prepare financial statements.
• D) Prepare a trial balance.

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Definitions:

Unilateral Contract

A contract in which only one party promises to perform without requiring a reciprocal promise to act from the other party.

Bilateral Contract

A legally binding agreement involving two parties where each is obligated to fulfill their respective promises or actions.

Enforceable Agreement

A contract or agreement that can be upheld and compelled by law.

Mirror-Image Rule

A contract law principle stating that an acceptance must exactly match the terms of the offer for a legally enforceable agreement to exist.