The Following Steps in the Accounting Cycle Are Presented Out

question 131

Short Answer

The following steps in the accounting cycle are presented out of order below.Arrange the steps in proper order by placing a number from 1 through 6 in the blanks provided.Also identify each step as either a recurring activity (RA)-one that would be repeated during the fiscal period-or an end-of-period activity (EOP)-one performed at the end of the accounting period.
______ a.Prepare an adjusted trial balance.
______ b.Record entries in the journal.
______ c.Adjust the accounts.
______ d.Prepare a trial balance.
______ e.Analyze business transactions from source documents.
______ f.Post entries to the ledger.

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Definitions:

Efficiency

The degree to which resources are used optimally to produce goods and services, minimizing waste and maximizing output.

Equality

The state of being equal, especially in status, rights, and opportunities, often pursued as an economic and social policy objective.

Scarce Resources

Resources that are limited in availability and are used to produce goods and services, leading to the necessity of making choices about their allocation.

Efficiency

The effectiveness with which resources are used to produce goods and services, achieving the highest output with the lowest input.