The last step in the accounting record-keeping process is preparing the balance sheet from amounts in the balance sheet accounts.

Question

Quizplus · Accepted Answer

The last step in the accounting cycle is preparing the financial statements, which include the income statement, statement of retained earnings, balance sheet, and statement of cash flows, not just the balance sheet. The balance sheet is prepared using the adjusted balances of accounts, but it is not the final step.

The Last Step in the Accounting Record-Keeping Process Is Preparing