The Two Optional Steps in the Accounting Cycle Are Preparing

question 168

Multiple Choice

The two optional steps in the accounting cycle are preparing

• A)a post-closing trial balance and reversing entries.
• B)a worksheet and a post-closing trial balance.
• C)reversing entries and a worksheet.
• D)an adjusted trial balance and a post-closing trial balance.

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Definitions:

Homeowner's Policy

An insurance policy providing coverage for a private residence, protecting against various risks like damage, theft, and liability.

Compensatory Damages

Financial compensation awarded to a plaintiff to compensate for losses or injuries as a result of the defendant's actions.

Surety

A person who promises to perform the same obligation as another person (the principal) and who is jointly liable along with the principal for that obligation’s performance.

Exoneration

The act of being relieved from a responsibility, obligation, or hardship; often used in legal contexts to denote clearing from guilt or blame.