In the accounting cycle, the last step is
A) preparing the financial statements
B) journalizing and posting the adjusting entries
C) preparing a post-closing trial balance
D) journalizing and posting the closing entires

Question

In the accounting cycle, the last step is
A) ​preparing the financial statements
B) ​journalizing and posting the adjusting entries
C) ​preparing a post-closing trial balance
D) ​journalizing and posting the closing entires

Quizplus · Accepted Answer

The last step in the accounting cycle is preparing a post-closing trial balance, which verifies the balance of permanent accounts after closing entries are made and ensures that debits equal credits.

In the Accounting Cycle, the Last Step Is