Of the Following Steps of the Accounting Cycle, Which Step

question 22

Multiple Choice

Of the following steps of the accounting cycle, which step should be completed last?

• A) An adjusted trial balance is prepared.
• B) Transactions are posted to the ledger.
• C) An unadjusted trial balance is prepared.
• D) Adjusting entries are journalized and posted to the ledger.

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Definitions:

Understandable

Relating to information or concepts being clear or easy enough to be comprehended or grasped by a person.

Population Characteristics

Attributes or features that describe the various aspects of a population.

Transfer Price

The price at which divisions of a company transact with each other, such as the trade of supplies or labor between departments.

Unsatisfied Demand

A situation where the quantity demanded of a product or service exceeds the quantity supplied at a given price.