The Order of the Steps in the Accounting Cycle Includes

question 29

Multiple Choice

The order of the steps in the accounting cycle includes:

• A)Adjusted trial balance, financial reports, adjusting entries, trial balance
• B)Adjusted trial balance, adjusting entries, financial reports, trial balance
• C)Trial balance, adjusting entries, adjusted trial balance, financial reports
• D)Trial balance, financial reports, adjusting entries, adjusted trial balance

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Definitions:

Long-term Debt

Financial obligations of a company or individual that are due after a period of one year or more.

Trade Credit

Debt arising from credit sales and recorded as an account receivable by the seller and as an account payable by the buyer.

Discounts

A reduction from the usual cost of something, often applied to prompt payment or to certain categories of customers.

Increase

A rise in value, quantity, or some other measure.