The Recurring Steps Performed Each Accounting Period,starting with Analyzing and Recording

question 69

Multiple Choice

The recurring steps performed each accounting period,starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance,are referred to as the:

• A)Accounting period
• B)Operating cycle
• C)Accounting cycle
• D)Closing cycle
• E)Natural business year

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Definitions:

Output

The total amount of goods or services produced by a person, machine, company, or economy.

Price

The sum of money needed to buy a product or service.

Competitive Price-Taker

A firm in a competitive market that has no ability to influence the price of the product it sells; it must take the market price as given.

Marginal Cost

The additional cost incurred by producing one more unit of a good or service.