The eight recurring steps performed each accounting period, starting with recordingtransactions in the journal and continuing through the post-closing trial balance, is called the:
A)Closing cycle.
B)Natural business year.
C)Accounting period.
D)Operating cycle.
E)Accounting cycle.

Question

Quizplus · Accepted Answer

The eight recurring steps performed each accounting period is known as the accounting cycle. It starts with recording transactions in the journal and ends with the post-closing trial balance. Therefore, option E is the correct answer.

The Eight Recurring Steps Performed Each Accounting Period, Starting with Recordingtransactions