Which of the following steps of the accounting cycle are in the correct order?
A) prepare a trial balance,post to general ledger accounts,journalize adjusting and closing entries
B) make adjustments,complete a work sheet,post to general ledger accounts
C) prepare financial statements,make adjustments,prepare a trial balance
D) prepare a trial balance,make adjustments,prepare financial statements

Question

Quizplus · Accepted Answer

The correct order of the accounting cycle is to prepare a trial balance, make adjustments, and then prepare financial statements. This is because the trial balance serves as a preliminary step to ensure that the debits and credits in the ledger accounts are equal, adjustments are made to correct any errors or omissions in the accounts, and finally, the financial statements are prepared to summarize the financial performance of the business. Option A is incorrect because journalizing adjusting and closing entries should come after posting to general ledger accounts. Option B is incorrect because completing a worksheet should come after making adjustments and posting to general ledger accounts. Option C is incorrect because preparing financial statements should come after making adjustments and preparing a trial balance.

Which of the Following Steps of the Accounting Cycle Are