In a typical accounting cycle, which of the following events occurs first?
A) Preparing financial statements
B) Preparing an adjusted trial balance
C) Posting information from journals to the ledger
D) Preparing closing entries

Question

Quizplus · Accepted Answer

Posting information from journals to the ledger is typically the first step in the accounting cycle, as it involves transferring the financial transactions recorded in the journal to the appropriate accounts in the ledger. This step provides a preliminary view of the company's financial standings before adjustments are made in later steps such as preparing an adjusted trial balance and closing entries. Finally, after all transactions are recorded and necessary adjustments made, financial statements are prepared.

In a Typical Accounting Cycle, Which of the Following Events