The steps involved in handling all of the transactions and events completed during an accounting period,beginning with placing data in a book of original entry and ending with a post-closing trial balance,are referred to collectively as
A) input.
B) processing.
C) output.
D) the accounting cycle.

Question

Quizplus · Accepted Answer

The steps involved in handling all of the transactions and events completed during an accounting period, beginning with placing data in a book of original entry and ending with a post-closing trial balance, are collectively referred to as the accounting cycle. The accounting cycle includes various steps, such as recording transactions, adjusting entries, preparing financial statements, and closing the books. Therefore, choice D, the accounting cycle, is the best answer.

The Steps Involved in Handling All of the Transactions and Events