Which of the Following Steps in the Accounting Cycle Is

question 45

Multiple Choice

Which of the following steps in the accounting cycle is completed only at the end of an accounting period?

• A) Business transactions are recorded.
• B) Adjustments are recorded.
• C) Transactions are journalized.
• D) Journal entries are posted to the ledger.

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Definitions:

Utility

A measure of the satisfaction, usefulness, or value that a consumer receives from consuming a product or service.

Subjective Benefit

The personal value or advantage gained by an individual from a product or service, which varies from person to person.

Course of Action

A plan or strategy intended to accomplish a specific goal or resolve a problem.

Opportunity Cost

The act of abandoning potential benefits available in other choices upon selecting a specific alternative.