Which of the following is prepared last?
A) Balance Sheet
B) Income Statement
C) Statement of Owner's Equity
D) Trial Balance

Question

Quizplus · Accepted Answer

The Balance Sheet is prepared last because it uses information from the Income Statement and the Statement of Owner's Equity to provide a snapshot of the company's financial position at a specific point in time. The Trial Balance is prepared first to ensure that debits equal credits, followed by the Income Statement and the Statement of Owner's Equity, which then feed into the Balance Sheet.

Which of the Following Is Prepared Last