Which of the following gives the correct sequence of accounting procedures?
A) Financial statements,trial balance,ledger,journal
B) Financial statements,journal,ledger,trial balance
C) Journal,ledger,trial balance,financial statements
D) Ledger,trial balance,journal,financial statements

Question

Quizplus · Accepted Answer

The correct sequence of accounting procedures is journal, ledger, trial balance, and financial statements. The journal is where all financial transactions are recorded in chronological order. The ledger is where each individual account is maintained. The trial balance is a listing of all the accounts and their balances to ensure that debits and credits are equal. Finally, the financial statements are prepared based on the information in the ledger and trial balance. Option C correctly follows this sequence.

Which of the Following Gives the Correct Sequence of Accounting