Which of the following is the correct order of the steps in the accounting cycle?
A) Adjust, report, analyze, record, and close
B) Record, report, analyze, adjust, and close
C) Report, analyze, close, record, and adjust
D) Analyze, record, adjust, report, and close

Question

Quizplus · Accepted Answer

The correct order of steps in the accounting cycle is to first analyze transactions, then record them in the journal, followed by adjusting the entries as necessary, then preparing financial reports, and finally closing the accounts to prepare for the next accounting period.

Which of the Following Is the Correct Order of the Steps