Which of the Following Steps in the Accounting Cycle May

question 85

Multiple Choice

Which of the following steps in the accounting cycle may be performed most frequently?

• A)Prepare a post-closing trial balance
• B)Journalize closing entries
• C)Post closing entries
• D)Prepare a trial balance

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Definitions:

Restricted Fund

Funds that are earmarked for a particular purpose or project by donors or grantors and cannot be freely used for any other expenditures.

Investment Income

Income earned from investments, including dividends, interest, and capital gains from securities, real estate, or other assets.

Deferral Method

An accounting practice where certain revenues or expenses are deferred to a future accounting period to better match revenues with expenses.

Deferred Contribution

Refers to contributions or payments that are postponed to a future date rather than being made immediately.