The Preparation of Financial Statements Is the Third Activity in the General

question 67

Multiple Choice

The preparation of financial statements is the third activity in the general ledger system.To properly complete the accounting cycle,financial statements are prepared in a certain sequence.Which statement is prepared last in the sequence?

• A)the adjusted trial balance
• B)the income statement
• C)the balance sheet
• D)the statement of cash flows

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Definitions:

Principles And Values

Fundamental beliefs that guide or motivate attitudes or actions in personal and professional life.

Ethical Decision Making

Assessing and making choices among various options in a way that adheres to ethical standards.

Values Characteristics

The inherent qualities or traits that are considered desirable or important, forming the basis of personal or societal judgment.

Subjective

Based on or influenced by personal feelings, tastes, or opinions, as opposed to being objective and based on facts.