Which of the following is the correct sequence of steps in the accounting cycle?
A)Journal entries,T-accounts,financial statements,unadjusted trial balance.
B)T-account,journal entries,unadjusted trial balance,financial statements.
C)Journal entries,T-accounts,unadjusted trial balance,financial statements.
D)Financial statements,journal entries,T-accounts,unadjusted trial balance.

Question

Quizplus · Accepted Answer

The correct sequence of steps in the accounting cycle is as follows:
1. Journal entries
2. Posting the journal entries to T-accounts
3. Preparing an unadjusted trial balance
4. Making necessary adjustments to accounts
5. Preparing an adjusted trial balance
6. Generating financial statements
7. Closing temporary accounts and preparing a post-closing trial balance
Therefore, Choice C is the correct sequence of steps in the accounting cycle, as it includes steps 1, 2, 3, and 6 (journal entries, T-accounts, unadjusted trial balance, and financial statements, respectively), which occur in the early stages of the accounting cycle.

Which of the Following Is the Correct Sequence of Steps