Which of the following is not among the five major steps in the accounting cycle?
A) Record transactions in a journal
B) Prepare a chart of accounts
C) Adjust the general ledger accounts and prepare an adjusted trial balance
D) Analyze transactions from source documents
E) Prepare financial statements

Question

Quizplus · Accepted Answer

The five major steps in the accounting cycle include analyzing transactions from source documents, recording transactions in a journal, adjusting the general ledger accounts and preparing an adjusted trial balance, preparing financial statements, and closing the books. Preparing a chart of accounts is a preliminary step that helps in organizing accounts but is not considered one of the major steps in the accounting cycle.

Which of the Following Is Not Among the Five Major