Which of the following is the usual final step in the accounting cycle?
A) Journalizing transactions.
B) Preparing an adjusted trial balance.
C) Preparing a post-closing trial balance.
D) Preparing the financial statements.
E) Preparing a work sheet.

Question

Quizplus · Accepted Answer

The usual final step in the accounting cycle is preparing a post-closing trial balance. This step is done after all the financial statements have been prepared and all temporary accounts have been closed to ensure that the ledger is balanced and ready for the next accounting period.

Which of the Following Is the Usual Final Step in the Accounting