Which of the Following Has Steps of the Accounting Cycle

question 45

Multiple Choice

Which of the following has steps of the accounting cycle in proper sequence (some steps may be missing) ?

• A) analyze and record transactions, post transactions to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
• B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
• C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and prepare a post-closing trial balance
• D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

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Definitions:

Loan

A sum of money that is borrowed, typically from a financial institution, which is expected to be paid back with interest.

Lease

A contractual agreement in which one party (the lessor) allows another (the lessee) to use an asset for a specified period of time in exchange for payment or some other consideration.

Lessor

A lessor is a person or entity who leases or rents property to another, known as the lessee.

Tenant

An individual who rents or leases a space, such as an apartment or office, from a landlord.