Question

Which of the following is a major step in completing the accounting cycle?

a) Prepare adjusting entries
b) Record transactions, events, and arrangements
c) Prepare financial statements
d) All of these answer choices are correct.

Answer 1

The major step in completing the accounting cycle is d) All of these answer choices are correct. The accounting cycle includes several steps such as recording transactions, preparing adjusting entries, and preparing financial statements.

Step-by-step explanation:

The major step in completing the accounting cycle is d) All of these answer choices are correct. The accounting cycle includes several steps such as recording transactions, preparing adjusting entries, and preparing financial statements. These steps are necessary to ensure that the financial records are accurate and reflect the financial position of the company.