Which Step Is Taken at the End of the Accounting

question 98

Multiple Choice

Which step is taken at the end of the accounting period?

• A) analyze source documents
• B) post to the general ledger accounts
• C) prepare a trial balance
• D) prepare a post-closing trial balance

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Definitions:

Favorable Variance

Occurs when actual performance is better than expected, leading to lower costs or higher revenues than planned.

Budgeted Revenue

The projected income that a business or organization expects to generate within a specific period, often used for planning and performance evaluation.

Standard Costs

Predetermined costs assigned to goods and services, used as a benchmark for evaluating actual production costs.

Budgeted Performance

The planned or forecasted financial performance of a business or project, often including revenue, expenses, and profit targets.