Of the Following Steps of the Accounting Cycle, Which Step

question 22

Multiple Choice

Of the following steps of the accounting cycle, which step should be completed last?

• A) An adjusted trial balance is prepared.
• B) Transactions are posted to the ledger.
• C) An unadjusted trial balance is prepared.
• D) Adjusting entries are journalized and posted to the ledger.

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Definitions:

Estimated Labor-Hours

An approximation of the total hours of labor that will be required for a specific project or production period.

Variable Manufacturing Overhead

Costs in manufacturing that vary directly with levels of production, such as materials and labor directly involved in production.

Labor Cost

The total amount of financial compensation paid to employees for their work, including wages, benefits, and taxes.

Variable Manufacturing Overhead

Costs of manufacturing that change with production volume, such as utilities or indirect materials, not fixed over the short term.