Some of the Steps in the Accounting Cycle Are Listed

question 66

Multiple Choice

Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order.
1. Close the accounts.
2. Post transactions to ac counts in the ledger
3. Journalize daily transactions.
4. Record and post adjustments.
5. Prepare financial statements.

• A)2,3,4,5,1
• B)3,2,4,5,1
• C)3,2,4,1,5
• D)3,2,5,4,1

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Definitions:

Industrial Services

Services provided to businesses or industries, such as maintenance, cleaning, consulting, and logistics, rather than individual consumers.

Complementary Products

Goods or services that enhance or are used together with another product, increasing its value or utility.

Stock Keeping Unit

A scannable barcode, often seen as a number or code on products, that allows items to be tracked in inventory.

Unique Identification

A specific identifier assigned to an individual, product, or entity that distinguishes it from others within a system or market.