What is the correct order of the following events in the accounting process? I.Financial statements are prepared.
II)Adjusting entries are recorded.
III)Nominal accounts are closed.
A) I,II,III
B) II,I,III
C) III,II,I
D) II,III,I

Question

Quizplus · Accepted Answer

Adjusting entries must be recorded before financial statements can be prepared. After financial statements are prepared, nominal accounts are closed. Therefore, the correct order is II, I, III.

What Is the Correct Order of the Following Events in the Accounting