The Last Step of the Accounting Cycle Is to Prepare

question 88

True/False

The last step of the accounting cycle is to prepare a post-closing trial balance.

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Definitions:

Capital

Financial assets or resources that individuals or companies use to fund their operations and invest in their growth.

Tax Deduction

An expense that can be subtracted from gross income to reduce the taxable income, resulting in lower taxes owed.

Legally Guaranteed

Ensured or secured by law; having legal promise or assurance.

Private Property

The legal right to own and control property (such as land or buildings) by individuals or corporations.