Which of the Following Is an Optional Step in the Accounting

question 33

Multiple Choice

Which of the following is an optional step in the accounting cycle?

• A) Adjusting entries
• B) Closing entries
• C) Correcting entries
• D) Worksheet

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Definitions:

Financial Statements

A collection of reports about an organization's financial results, financial position, and cash flows.

Regulatory Agencies

Government or authorized bodies that oversee and enforce standards and regulations in specific industries to ensure compliance and protect public interests.

Compensation Recovery

The process of reclaiming funds from employees, especially executives, usually due to non-compliance with contracts or in cases of restatement of financials due to misreporting.

Incentive Payments

Payments or bonuses provided to employees or executives beyond their regular salaries, often tied to performance goals or achievements.