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:

Prozac

A brand name for fluoxetine, a medication primarily used to treat major depressive disorder, obsessive-compulsive disorder, and panic disorder.

Serotonin

A neurotransmitter in the brain that plays a key role in mood regulation, gastrointestinal activity, and other bodily functions.

Synapses

Synapses are the junctions between nerve cells where neurotransmitters are released to transmit signals from one neuron to another.

Cognitive Therapy

A form of psychotherapy that emphasizes the importance of thought patterns in determining behavior and emotions, aiming to alter negative thinking patterns.