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

Question

Quizplus · Accepted Answer

The step "verify that revenues and expenses are equal" is not a part of the accounting process. The accounting process involves analyzing each transaction, recording relevant transactions and events in a journal, posting journal information to the ledger accounts, and preparing and analyzing the trial balance. The step mentioned in option A is more related to adjusting entries and closing entries made at the end of an accounting period.

Which of the Following Is Not a Step in the Accounting