Which of the following is the final step in the accounting cycle?
A) Prepare financial statements.
B) Close the accounts.
C) Prepare an adjusted trial balance.
D) Post the journal entries to the ledger.
B
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A T account is used to keep track of the increases or decreases in the individual assets, liabilities, owner's equity, revenues, and expenses of a business entity
Indicate whether the statement is true or false
The post-closing trial balance will typically have more accounts than the adjusted trial balance
Indicate whether the statement is true or false
The anxiety people often experience when they move from a culture with which they are familiar to one that is entirely different is known as ____________.
Fill in the blank(s) with the appropriate word(s).
Which of the following is/are not true?
a. An employer must recognize changes in the funded status of a defined benefit retirement plan on its balance sheet each period. b. U.S. GAAP and IFRS do not require the employer to recognize changes in the funded status of a defined benefit retirement plan immediately in net income. c. Changes in the net funded status of a defined benefit retirement plan because investment performance differs from expectations, or because of changes in actuarial assumptions, or in the retirement benefit formula, initially affect other comprehensive income. d. Firms amortize the amounts in the contingency reserve for underfunded/overfunded retirement plans over the expected period of benefit as an adjustment to retirement plan cost. e. all of the above