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:

Audits

Examination and evaluation of an organization's or individual's financial records to ensure accuracy and compliance with laws and regulations.

Designated Beneficiary

An individual or entity chosen to receive benefits or assets upon the death of the policyholder or account holder.

Right to Change

The authority to alter or modify something, often found in contractual agreements or policies.

First-in-time Rule

A principle that establishes priority in various legal contexts, generally indicating that the first in time in taking certain actions has superior rights.