Immediately After the Adjusting Entries Are Posted,the Next Step in the General

question 13

Multiple Choice

Immediately after the adjusting entries are posted,the next step in the general ledger and reporting system is to prepare

• A)an adjusted trial balance.
• B)closing entries.
• C)financial statements.
• D)an unadjusted trial balance.

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Definitions:

Sales

Sales refer to the revenue earned from selling goods or services over a period of time.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period.

Inventory

Inventory refers to the goods and materials that a business holds for the ultimate goal of resale or processing.

Cost Of Goods Sold

Financial obligations directly arising from the manufacturing of a company’s products, including material and labor costs.