Which is the correct sequential order of the following steps in the accounting cycle?

Transaction analysis, journal entries, trial balance

Transaction analysis, posting to the ledger, journal entries

Transaction analysis, posting to the ledger, adjusting the accounts

Transaction analysis, journal entries, posting to the ledger Which of the following best describes the difference between an unadjusted trial balance and an adjusted trial balance?

An unadjusted trial balance is prepared at the start of the accounting period and is not provided to external decision makers, while an adjusted trial balance is prepared at the end of the period and is provided to external decision makers.

An unadjusted trial balance is prepared by companies that make adjusting entries, while an adjusted trial balance is prepared by companies that do not make adjusting entries.

An unadjusted trial balance is prepared before the adjusting entries have been made, while an adjusted trial balance is prepared after the adjusting entries have been made.

An unadjusted trial balance is prepared after the post-closing trial balance. Which of the following statements is correct?

Balance sheet accounts are permanent accounts and do not retain their balances from one period to the next.

Balance sheet accounts are temporary accounts and do retain their balances from one period to the next.

Income statement accounts are permanent accounts and do retain their balances from one period to the next.

Income statement accounts are temporary accounts and do not retain their balances from one period to the next. Which of the following statements does not correctly describe the relationship between the income statement and the ending retained earnings balance?

Net income increases the ending balance of retained earnings.

A net loss decreases the ending retained earnings balance.

A net loss does not affect the ending retained earnings balance.

Net income and net loss both affect the ending retained earnings balance. A calendar year reporting company preparing its annual financial statements should use the phrase "As of December 31, 2011" in the heading of which financial statements?

	On all of the required financial statements.
	On only the income statement.
	On the income statement and balance sheet, but not the statement of cash flows.
	On the balance sheet only.