Which of the following is not a major step necessary to complete the accounting cycle?
A) Prepare and post closing entries
B) Prepare the adjusted trial balance
C) Prepare adjusting entries
D) Record the transactions, events, and arrangements

Question

Quizplus · Accepted Answer

The adjusted trial balance is prepared after adjusting entries are made and posted to the ledger, but it is not considered a major step in completing the accounting cycle. The major steps include recording transactions, preparing adjusting entries, preparing and posting closing entries, and preparing financial statements. The adjusted trial balance is more of a step in the process of ensuring the ledger is accurate before preparing financial statements, rather than a step in completing the accounting cycle itself.

Which of the Following Is Not a Major Step Necessary