Which of the Following Steps Is Performed First at the End

question 68

Multiple Choice

Which of the following steps is performed first at the end of each accounting period?

• A)Prepare adjusting entries.
• B)Prepare a post-closing trial balance.
• C)Prepare closing journal entries.
• D)Prepare the statement of retained earnings.

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Definitions:

Surplus II

An excess amount of a product or resource compared to the demand, often resulting in lower prices.

Surplus III

An excess of production or supply over demand, often referring to goods in a market that exceed buyer requirements.

Consumer Surplus

The distinction between the price consumers are inclined to pay for a product or service and what they ultimately pay.

Surplus II

The condition where the quantity supplied of a good exceeds the quantity demanded, causing downward pressure on the market price.