Some of the Steps in the Accounting Cycle Are Listed $2,3,4,5,1$

question 67

Short Answer

Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order. 1. Close the accounts.
2. Post transactions to accounts in the ledger.
3. Journalize daily transactions.
4. Record and post adjustments.
5. Prepare financial statements.
a. $2,3,4,5,1$
b. $3,2,4,5,1$
c. $3,2,4,1,5$
d. $3,2,5,4,1$

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Definitions:

Horizontal Integration

A business strategy where a company acquires or merges with other companies in the same industry at the same stage of production.

Liaison Roles

Positions or functions that facilitate communication and coordination between different groups or departments.

Integrators

Individuals or mechanisms within organizations that facilitate coordination and collaboration across different units or departments.

Task Forces

Groups formed temporarily to work on specific tasks or to solve particular problems within an organization.