Which of the following is not a step in the accounting process?
A)Record relevant transactions and events in a journal.
B)Post journal information to the ledger accounts.
C)Prepare and analyze the trial balance.
D)Analyze each transaction.
E)Verify that revenues and expenses are equal.

Question

Quizplus · Accepted Answer

E) Verify that revenues and expenses are equal is not a step in the accounting process. This statement is incorrect because the goal of accounting is not to verify that revenues and expenses are equal, but rather to accurately record and report financial transactions. The process involves recording transactions, posting them to ledger accounts, preparing a trial balance, and analyzing transactions, but not ensuring revenues and expenses are equal.

Which of the Following Is Not a Step in the Accounting