The Last Step in the Accounting Record-Keeping Process Is

question 34

Multiple Choice

The last step in the accounting record-keeping process is:

• A)making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time.
• B)preparing the income statement for the period from amounts in the income statement accounts.
• C)closing the temporary income statement accounts to retained earnings.
• D)preparing the balance sheet from amounts in the balance sheet accounts.
• E)preparing the statement of cash flows from balance sheet amounts and from details of transactions affecting the cash account.

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Definitions:

James-Lange Theory

A theory of emotion proposing that emotions occur as a result of physiological reactions to events.

Sympathetic Nervous System

Part of the autonomic nervous system that prepares the body for fight or flight responses by increasing heart rate, blood flow, and adrenaline release.

Intense Anxiety

A heightened state of fear or apprehension that can interfere with daily activities, often accompanied by physical symptoms such as rapid heartbeat and sweating.

James-Lange

A theory of emotion which proposes that emotional experiences arise from physiological arousal in response to external events.