The Proper Sequence of Steps in the Accounting Cycle Is

question 57

Multiple Choice

The proper sequence of steps in the accounting cycle is as follows

• A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
• B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
• C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, and finally prepare a post-closing trial balance
• D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

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Definitions:

Legitimate Power

Power that stems from being elected or appointed to a specific position or office.

Fellow Students

Peers or colleagues who are enrolled in the same educational institution or course.

Prescriptive

Relating to the imposition or application of rules or recommendations, often in a directive manner.

Productive

Refers to achieving significant results or output efficiently in a given period.