What Is the Correct Order in Which the Steps in the Manual

question 34

Multiple Choice

What is the correct order in which the steps in the manual recording process occur?
I Record transactions in the journal
Ii Record adjusting entries
Iii Prepare financial statements
Iv Post transactions to the ledger

• A) i, ii, iii, iv
• B) iv, ii, i, iii
• C) i, iv, iii, ii
• D) i, iv, ii, iii

---

Definitions:

Credit Sales

Transactions where goods or services are provided to the buyer with the agreement that payment will be made at a later date.

Sherman Act

A foundational U.S. antitrust law enacted in 1890, aimed at prohibiting monopolistic practices and promoting competitive markets.

Monopoly Power

The exclusive control by one company over the entire supply of goods or services in a particular market.

Ancillary Vertical Restraints

Restrictions imposed in distribution agreements, designed to support the main purpose of the contract and enhance competitiveness.