In the normal accounting cycle, the:
A) financial statements are prepared after the adjusting entries are posted.
B) financial statements are prepared before the adjusting entries are posted.
C) adjusting and closing entries are journalized before the financial statements are prepared.
D) post-closing trial balance is prepared before the closing entries are posted.

Question

Quizplus · Accepted Answer

Financial statements are prepared after the adjusting entries are posted to ensure that all revenues and expenses are accurately recorded and reflected in the financial statements.

In the Normal Accounting Cycle, The