Which of the following is the last step in the accounting cycle?

Name: Which of the following is the last step in the accounting cycle?
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Question

Quizplus · Accepted Answer

Closing the accounts is the final step in the accounting cycle. This involves transferring temporary account balances (revenues, expenses, and dividends) to the permanent equity accounts (retained earnings or owner's equity). Once this is done, the temporary accounts are ready to begin accumulating transactions for the next accounting period.

Which of the Following Is the Last Step in the Accounting