The sequence of steps in the accounting process completed during the fiscal period is represented by:
A) the accounting cycle.
B) the adjustment period.
C) the worksheet cycle.
D) the accrual period.

Question

Quizplus · Accepted Answer

The sequence of steps in the accounting process completed during the fiscal period is commonly known as the accounting cycle. It includes activities such as journalizing transactions, posting to the general ledger, preparing an unadjusted trial balance, making adjusting entries, preparing an adjusted trial balance, preparing financial statements, making closing entries, and preparing a post-closing trial balance.

The Sequence of Steps in the Accounting Process Completed During