Which of the Following Depicts the Proper Sequence of Steps

question 163

Multiple Choice

Which of the following depicts the proper sequence of steps in the accounting cycle?

• A)Journalize the transactions, analyze business transactions, prepare a trial balance
• B)Prepare a trial balance, prepare financial statements, prepare adjusting entries
• C)Prepare a trial balance, prepare adjusting entries, prepare financial statements
• D)Prepare a trial balance, post to ledger accounts, post adjusting entries

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Definitions:

Contract

A legally binding agreement between two or more parties that is enforceable by law, characterized by an offer, acceptance, consideration, and mutual intent to be bound.

Objective Determination

A decision made based on unbiased evidence and facts, without influence from personal feelings or opinions.

Consideration

An essential element in contract law, referring to something of value exchanged between parties as part of an agreement.

Consideration

In contract law, the value (which could be an object, service, money, or promise) that is given in exchange for a promise or performance by another party.