Which of the Following Is the Correct Sequence of Steps

question 170

Multiple Choice

Which of the following is the correct sequence of steps in the accounting cycle?

• A) Preparation of journal entries, posting to T-accounts, preparation of financial statements, and preparation of unadjusted trial balance.
• B) Posting to T-accounts, preparation of journal entries, preparation of unadjusted trial balance, and preparation of financial statements.
• C) Preparation of journal entries, posting to T-accounts, preparation of unadjusted trial balance, and preparation of financial statements.
• D) Preparation of financial statements, preparation of journal entries, posting to T-accounts, preparation of unadjusted trial balance.

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Definitions:

Interest-Rate Cost-Of-Funds

The cost to borrowers or the rate paid to savers and investors based on the interest rates in the financial markets or the rate of return required on investment funds.

Marginal Cost Curve

A graphical representation depicting the cost added by producing one more unit of a particular good, often upward sloping due to increasing costs.

Total Product Curve

A graphical representation that shows the total quantity of output a firm produces, given a fixed amount of inputs, as the amount of one input varies.

Marginal Revenue Curve

A graphical representation showing the change in total revenue that results from selling one additional unit of a product or service.