The Following Are Steps to the Accounting Cycle

question 96

Multiple Choice

The following are steps to the accounting cycle. Of the following, which step should be done first?

• A) Closing entries are journalized and posted to the ledger.
• B) Transactions are posted to the ledger.
• C) Adjusting entries are journalized and posted to the ledger.
• D) Financial statements are prepared.

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Definitions:

Swayback

A postural condition characterized by an exaggerated inward curve of the lower back, leading to a forward tilting of the pelvis.

Spoon Nails

A nail disorder characterized by a concave, spoon-like shape of the fingernails or toenails, it can indicate iron deficiency or other health issues.

Venous Problems

Medical issues related to the veins, which may include conditions like varicose veins, venous insufficiency, or deep vein thrombosis.

Lower Extremity

Refers to the portion of the body that includes the legs, from the hips to the toes.