Multiple Choice
Which of the following lists the steps of the accounting cycle in the correct order?
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1. Introduction to Accounting
Fundamental Accounting Equation
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The operations function consists mainly of activities that are performed on a __________ basis.
A
day-to-day
B
annual
C
quarterly
D
one-time
Verified step by step guidance1
Understand the concept of 'operations function' in Financial Accounting. It refers to the activities that are essential for the daily running of a business, such as managing inventory, processing transactions, and ensuring smooth workflow.
Analyze the options provided: 'day-to-day,' 'annual,' 'quarterly,' and 'one-time.' Consider which frequency aligns with the nature of operations activities.
Recognize that operations activities are typically ongoing and repetitive, as they are necessary for the continuous functioning of the business.
Eliminate options that imply infrequent or periodic activities, such as 'annual,' 'quarterly,' and 'one-time,' since these do not match the continuous nature of operations.
Conclude that the correct answer is 'day-to-day,' as it accurately reflects the regular and routine nature of operations functions in a business.
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