The Recurring Steps Performed Each Reporting Period, Starting with Analyzing

question 72

Multiple Choice

The recurring steps performed each reporting period, starting with analyzing and recording transactions in the journal and continuing through the post-closing trial balance, is referred to as the:

• A) Accounting period.
• B) Operating cycle.
• C) Accounting cycle.
• D) Closing cycle.
• E) Natural business year.

---

Definitions:

Competitive Forces Model

A business framework devised by Michael Porter that analyzes competitiveness by recognizing five major forces that could endanger a company’s position.

Value Chain Model

Model that shows the primary activities that sequentially add value to the profit margin; also shows the support activities.

General Strategies

Refers to the broad methods or plans formulated by organizations or individuals to achieve major goals or objectives.

Differentiation

The act of making a product, service, or business stand out from its competitors by highlighting unique features or qualities.