Question

Of the following, which step is not a requirement during the accounting cycle? a.An unadjusted trial balance is prepared. b.An end-of-period spreadsheet is prepared. c.A post-closing trial balance is prepared. d.Transactions are posted to the ledger.

Answer 1

B.

Step-by-step explanation:

The name given to the collective process of recording and processing the accounting events of the company is Accounting Cycle. The series of steps begin when a transaction occurs and end with its inclusion in the financial statements.

Accounting cylce steps:

-Transactions are analyzed and recorded in the journal.

-Transactions are posted in the ledger.

-An unadjusted trial balance is prepared.

-OPTIONAL, an end of period spreadsheet is prepared.

-Adjuntsting entries are journalized and posted to the ledger.

-An adjusting trial balance is prepared.

-Financial statements are prepared.

-A post closing trial balance is prepared.