Which of the following statements is TRUE?
A) Step 8 in the financial reporting process, journalize and post-closing entries, occurs at the end of each reporting period.
B) Step 8 in the financial reporting process, journalize and post-closing entries, occurs at the end of the fiscal year.
C) Posting to the general ledger, step 3, occurs at the end of the reporting period.
D) Posting to the general ledger, step 3, occurs at the end of the fiscal year.

Question

Quizplus · Accepted Answer

Journalizing and posting closing entries, as part of the financial reporting process, typically occurs at the end of the fiscal year to prepare the accounts for the next fiscal period.

Which of the Following Statements Is TRUE