Each Letter Below Contains Three of the Steps Found in the Accounting

question 113

Multiple Choice

Each letter below contains three of the steps found in the accounting cycle.Which presents the given steps in the proper sequence,first to last?

• A)Adjust,analyze transactions,close.
• B)Analyze transactions,adjust,close.
• C)Prepare post-closing trial balance,prepare statements,close.
• D)Prepare statements,post,close.
• E)Prepare adjusted trial balance,journalize,close.

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Definitions:

Assets

Resources owned by a business.

Liabilities

Financial obligations or debts a company owes to others, which must be settled over time by transfer of economic benefits.

Accumulated Depreciation

The total amount of depreciation expense charged against an asset over its useful life, reducing its book value.

Liability Account

An accounting record that represents an obligation to pay money to another party, reflects a company's debts or financial obligations.