The last step in the accounting cycle is to prepare:
A)the post-closing trial balance
B)adjusting entries
C)financial statements
D)closing entries

Question

Quizplus · Accepted Answer

The last step in the accounting cycle is to prepare the post-closing trial balance. This step is done after closing entries are made and helps to ensure that debits and credits are balanced after the closing process, indicating that the ledger is in balance for the start of the new accounting period.

The Last Step in the Accounting Cycle Is to Prepare