Which of the Accounting Steps in the Accounting Process Below

question 134

Multiple Choice

Which of the accounting steps in the accounting process below would be completed last?

• A) preparing the adjusted trial balance
• B) posting
• C) preparing the financial statements
• D) journalizing

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Definitions:

Promissory Estoppel

A legal principle that prevents a promisor from denying the promise or going back on it if the promisee has reasonably relied on the promise to their detriment.

Promisee

The individual or entity to whom a promise or commitment is made in an agreement.

Reliance

Acting based on trust in something or someone, or in contract law, actions taken based on a promise or agreement.

Contract Modifications

Contract modifications are changes or amendments to the terms of an existing contract, agreed upon by all parties involved.