Which of the Following Is the Last Step in the Accounting

question 96

Multiple Choice

Which of the following is the last step in the accounting cycle?

• A) analyze transactions
• B) record and post adjustments
• C) close the accounts
• D) prepare financial statements

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Definitions:

Long-Term Construction

Projects or contracts that span over a long period, typically larger in scope and complexity which may impact financial reporting due to their duration.

Critical Event

An occurrence that significantly alters the current course of a business or project, potentially impacting financial outcomes or operational capabilities.

Measurability Criteria

Guidelines to determine whether an item can be quantified in monetary terms and thus be included in the financial statements.

Revenue

The total income generated from normal business operations, including the sale of goods and services before any expenses are deducted.