The proper sequence of steps in the accounting cycle is as follows
A) analyze and record transactions, post transaction to the ledger, prepare a trial balance, prepare financial statements, journalize closing entries, analyze adjustment data and prepare adjusting entries
B) prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger
C) analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and post to the ledger
D) prepare financial statements, journalize closing entries and post to the ledger, analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries

Question

Quizplus · Accepted Answer

The proper sequence of steps in the accounting cycle is to first analyze and record transactions, then post them to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, and finally journalize closing entries and post them to the ledger. Option C follows this sequence correctly.

The Proper Sequence of Steps in the Accounting Cycle Is