Question

After preparing closing entries, the last step in the accounting process is to prepare

a)pro forma statements for the next year.
b)a post-closing income statement.
c)a post-closing trial balance.
d)an adjusted trial balance.

Answer 1

The last step in the accounting process after preparing closing entries is to prepare a post-closing trial balance.

Step-by-step explanation:

The last step in the accounting process after preparing closing entries is to prepare a post-closing trial balance. A post-closing trial balance is a list of all accounts and their balances after closing entries have been made. It is prepared to ensure that the accounting records are in balance and ready for the next accounting period.