Which of the following steps in the financial reporting process only occurs at the end of the fiscal year?
A) Prepare an adjusted trial balance
B) Prepare financial statements
C) Prepare closing journal entries
D) Prepare an unadjusted trial balance

Question

Quizplus · Accepted Answer

Prepare closing journal entries are specifically done at the end of the fiscal year to close temporary accounts such as revenues, expenses, and dividends to retained earnings, preparing the company for the next accounting period.

Which of the Following Steps in the Financial Reporting Process