Of the following steps of the accounting cycle, which step should be completed last?

A. Adjusting entries are journalized and posted to the ledger.
B. Closing entries are journalized and posted to the ledger.
C. Financial statements are prepared.
D. Transactions are posted to the ledger.

Question

17-07-2024
Business

Answered

Of the following steps of the accounting cycle, which step should be completed last?

A. Adjusting entries are journalized and posted to the ledger.
B. Closing entries are journalized and posted to the ledger.
C. Financial statements are prepared.
D. Transactions are posted to the ledger.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-07-17T01:30:55-04:00

Final answer:

Financial statements are prepared should be completed last in the accounting cycle to provide an accurate overview of the business's financial performance and position.

Explanation:

Financial statements are prepared should be completed last in the accounting cycle. This step involves summarizing the financial results of the business for a specific period, including the income statement, balance sheet, and cash flow statement.

Before preparing financial statements, adjusting entries are made to ensure that the accounts reflect accurate balances. Once financial statements are prepared, the closing entries are then made to reset the temporary accounts for the next accounting period.

Completing the financial statements last allows for a comprehensive overview of the financial performance and position of the business after all necessary adjustments and entries have been made.

Learn more about Accounting cycle here:

https://brainly.com/question/40421615

Of the following steps of the accounting cycle, which step should be completed last?A. Adjusting entries are journalized and posted to the ledger.B. Closing entries are journalized and posted to the ledger.C. Financial statements are prepared.D. Transactions are posted to the ledger.

Answer :

Final answer:

Explanation:

Learn more about Accounting cycle here:

Other Questions

Of the following steps of the accounting cycle, which step should be completed last?

A. Adjusting entries are journalized and posted to the ledger.
B. Closing entries are journalized and posted to the ledger.
C. Financial statements are prepared.
D. Transactions are posted to the ledger.