The Last Step Before Preparing Financial Statements Is To

question 94

Multiple Choice

The last step before preparing financial statements is to:

• A)post all entries.
• B)record all transactions in the journal.
• C)prepare the trial balance.
• D)review source documents.

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Definitions:

Product Demand Elasticity

A measure of how sensitive the quantity demanded of a product is to changes in its price.

Marginal Productivity Theory

An economic theory that explains how the value of a productive input is determined by its contribution to the total output.

Income Distribution

The way in which total income is divided among the members of a society.

Marginal Contribution

The additional amount of revenue or benefit generated by utilizing one more unit of a resource or producing one additional unit of a product.