The final step in the accounting cycle is to prepare
A) closing entries.
B) financial statements.
C) a post-closing trial balance.
D) adjusting entries.

Question

Quizplus · Accepted Answer

The final step in the accounting cycle is to prepare a post-closing trial balance. This step is done after closing entries are made and helps ensure that debits equal credits after closing entries are posted, indicating that the ledger is balanced for the new accounting period.

The Final Step in the Accounting Cycle Is to Prepare