The Accounting Cycle Requires Three Trial Balances Be Done

question 22

Multiple Choice

The accounting cycle requires three trial balances be done. In what order should they be prepared?

• A) Post-closing, unadjusted, adjusted
• B) Unadjusted, post-closing, adjusted
• C) Unadjusted, adjusted, post-closing
• D) Post-closing, adjusted, unadjusted

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Definitions:

Poverty Threshold

The minimum level of income deemed adequate in a specific country to maintain a certain standard of living.

Family of Four

A household unit consisting of four members, typically two adults and two children, often used for statistical or planning purposes.

Money Income

The total amount of monetary earnings or receipts acquired by an individual or household over a certain period.

Classifying People

The organizing of individuals into groups based on shared characteristics or criteria, which can range from demographic factors to skill sets.