Which Is the Correct Order of the Following Steps in the Accounting

question 135

Multiple Choice

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

• A)Prepare financial statements,journalize and post adjusting entries,journalize and post the closing entries,and prepare a post-closing trial balance.
• B)Prepare an unadjusted trial balance,journalize and post adjusting entries,journalize and post the closing entries,and prepare financial statements.
• C)Journalize and post adjusting entries,journalize and post the closing entries,prepare financial statements,and prepare an adjusted trial balance.
• D)Prepare an unadjusted trial balance,journalize and post adjusting entries,prepare financial statements,and journalize and post the closing entries.

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Definitions:

Relative Prices

Relative prices refer to the price of one good or service compared to the price of another, essentially showing their cost relationship.

Japanese Goods

Products manufactured in Japan, known for their quality in various industries including electronics, automobiles, and machinery.

Yen Appreciates

This occurs when the value of the Japanese yen increases relative to other currencies in the foreign exchange market.

Dollar Appreciates

An increase in the value of the US dollar compared to other currencies, making imports cheaper and exports more expensive.