The Proper Sequence of Events for the Accounting Cycle Is

question 32

Multiple Choice

The proper sequence of events for the accounting cycle is:

• A)Journalize, post, trial balance, adjusting entries, financial statements, and closing entries
• B)Journalize, post, trial balance, adjusting entries, closing entries, and financial statements
• C)Journalize, post, adjusting entries, trial balance, closing entries, and financial statements
• D)Trial balance, adjusting entries, journalize, post, closing entries, and financial statements

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Definitions:

Farmer

An individual engaged in agriculture, raising living organisms for food or raw materials.

Hedger

An investor or trader who enters into contracts to protect against future price fluctuations of an asset.

Call Option

A Call Option is a financial contract that gives the holder the right, but not the obligation, to buy a specific amount of an asset at a predetermined price within a specified period.

Put Option

A financial deal that provides the holder the privilege, yet not the compulsion, to offload a specified quantity of a basic asset at a fixed rate within an established timeframe.