Question

All of the following are required steps in the accounting cycle except: Select one:

a. journalizing and posting closing entries.
b. preparing an adjusted trial balance.
c. preparing a post-closing trial balance.
d. prepare financial statements from the unadjusted trial balance.

Answer 1

D

Step-by-step explanation:

The answer is d because you prepare financial statements from the ADJUSTED trial balance not the UNadjusted trial balance.

Answer 2

Preparing a post-closing trial balance.

Answer: Option C

Step-by-step explanation:

The accounting cycle is a step wise procedure that a company has to follow to complete a bookkeeping task. It is important to record, analyze and produce a final report on the financial activity of a business.

The important steps in the accounting cycle are Identifying transactions, to maintain record transactions in a journal, posting in general ledger, unadjusted trial balance, a worksheet to check if the credit and debit are equal, adjusting journal entries, generating financial statement and closing the books.