The last step in the accounting cycle is to
A) prepare a trial balance.
B) prepare a post-closing trial balance.
C) complete the work sheet.
D) journalize and post the adjusting entries.

Question

Quizplus · Accepted Answer

The last step in the accounting cycle is to prepare a post-closing trial balance. This is done once all the adjusting entries have been journalized and posted, financial statements have been prepared, and closing entries have been made. The post-closing trial balance is used to ensure that all temporary accounts have been closed and that the ending balances in the permanent accounts are accurate.

The Last Step in the Accounting Cycle Is to