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:

Creditors

Individuals or entities that are owed money or other obligations by debtors.

Judicial Lien

A court order that allows a creditor to satisfy a debt by seizing the property of the debtor.

Creditor

An entity (person or institution) that lends money or extends credit to another party, expecting to be repaid in the future.

Legal Action

A formal proceeding taken in a court of law to enforce or defend a right or seek a remedy.