Four of the Nine Steps in the Accounting Cycle Are

question 23

Multiple Choice

Four of the nine steps in the accounting cycle are: W. Prepare a trial balance.
X. Journalize and post adjusting entries.
Y. Prepare an adjusted trial balance.
Z. Prepare financial statements
In what order do these four steps occur?

• A) W, X, Y, Z.
• B) W, X, Z, Y.
• C), W, Y, Z.
• D) W, Y, X, Z.

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Definitions:

Technological Controls

Systems and procedures implemented to secure technology infrastructure and manage information assets effectively.

Recordkeeping

The process of maintaining accurate and systematic records of financial transactions and other business events.

Custody of Assets

Holding and safeguarding of assets or securities by a financial institution or an individual on behalf of the owner.

Responsibilities

Duties or obligations assigned to individuals or organizations, requiring them to act in certain ways or achieve specific outcomes.