Once a Trial Balance Has Been Prepared, the Next Step

question 7

Multiple Choice

Once a trial balance has been prepared, the next step of the accounting cycle involves

• A) posting the information to the correct ledger accounts.
• B) completing a balance sheet and ratio analysis.
• C) preparing financial statements such as the balance sheet, income statement, and statement of cash flows.
• D) classifying the transactions into logical categories.

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Definitions:

Amazon's Web Site

Amazon's website is an online retail platform that offers a wide range of products, from books and electronics to clothing and household goods, facilitating purchases globally.

Nearshoring

Outsourcing production or services to locations near a company’s home base or closer to customers.

Offshoring

The relocation of a business process or operation from one country to another, often to leverage lower labor costs.

American Industrial Revolution

A period of rapid industrial growth and technological innovation in the United States during the 18th and 19th centuries that transformed the economy.