Which of the following correctly states the proper order of the accounting cycle?
A)Record transactions,adjust accounts,close temporary accounts,prepare statements.
B)Adjust accounts,record transactions,close temporary accounts,prepare statements.
C)Record transactions,adjust accounts,prepare statements,close temporary accounts.
D)Adjust accounts,prepare statements,record transactions,close temporary accounts.

Question

Quizplus · Accepted Answer

The proper order of the accounting cycle is first to record transactions, then adjust accounts, prepare financial statements, and finally close the temporary accounts. This sequence ensures that all financial transactions are accurately recorded and that necessary adjustments are made before presenting the financial statements. Choice A and B have a different order of steps, and choice D has the "prepare statements" step before "record transactions," which is incorrect.

Which of the Following Correctly States the Proper Order of the Accounting