During the end-of-period processing, which of the following best describes the logical order of steps?
A) preparation of adjustments, adjusted trial balance, financial statements
B) preparation of income statement, adjusted trial balance, balance sheet
C) preparation of adjusted trial balance, cross-referencing, journalizing
D) preparation of adjustments, adjusted trial balance, posting

Question

During the end-of-period processing, which of the following best describes the logical order of steps?
A) ​preparation of adjustments, adjusted trial balance, financial statements
B) ​preparation of income statement, adjusted trial balance, balance sheet
C) ​preparation of adjusted trial balance, cross-referencing, journalizing
D) ​preparation of adjustments, adjusted trial balance, posting

Quizplus · Accepted Answer

The logical order of steps during the end-of-period processing is to first prepare adjustments to ensure accuracy of financial statements, followed by preparation of the adjusted trial balance to ensure all accounts are properly updated with adjustments, and then finally preparing the financial statements using the adjusted trial balance.

During the End-Of-Period Processing, Which of the Following Best Describes