Asked by Amanda Drennen on May 26, 2024
Verified
The final step in the accounting cycle is:
A) preparing the post-closing trial balance.
B) preparing the financial statements.
C) posting the closing entries.
D) posting the adjusting entries.
Accounting Cycle
The series of steps followed by an entity to collect, process, and report financial information, culminating in the preparation of financial statements for a specific period.
- Recognize the sequence of steps in the accounting cycle.
Verified Answer
AT
Andrey TroshinJun 01, 2024
Final Answer :
A
Explanation :
The final step in the accounting cycle is preparing the post-closing trial balance. This step occurs after all closing entries have been made and is used to verify that debits equal credits after closing entries are posted, ensuring the ledger is balanced for the start of the new accounting period.
Learning Objectives
- Recognize the sequence of steps in the accounting cycle.
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