Which of the Following Is Not a Step in the Accounting

question 39

Multiple Choice

Which of the following is not a step in the accounting cycle?

• A)Prepare a trial balance.
• B)Prepare a purchase order.
• C)Prepare financial statements.
• D)Prepare an adjusted trial balance.

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Definitions:

Professional Corporation

A type of corporate structure available to professionals like lawyers, doctors, and accountants, which offers certain legal and financial protections.

Sole Proprietorship

A type of business where a single individual owns, manages, and is responsible for all aspects of the business, including liabilities.

Non-Profit Organization

An organization dedicated to furthering a particular social cause or advocating for a shared point of interest, without aiming for profit.

Managing Partner

The partner in a law firm who makes decisions relating to the firm’s policies and procedures and who generally oversees the business operations of the firm.