Of the following steps of the accounting cycle, which step should be completed last?
A) An adjusted trial balance is prepared.
B) Transactions are posted to the ledger.
C) An unadjusted trial balance is prepared.
D) Adjusting entries are journalized and posted to the ledger.

Question

Quizplus · Accepted Answer

The adjusted trial balance is prepared after all adjusting entries have been journalized and posted to the ledger. Therefore, it is the last step in the accounting cycle before financial statements are prepared.

Of the Following Steps of the Accounting Cycle, Which Step