The last major task Minnie completed before getting ready to prepare the firm's financial statements was the preparation of the:
A)Cash budget.
B)Master budget.
C)Trial balance.
D)Internal audit.

Question

Quizplus · Accepted Answer

The trial balance is prepared before the financial statements in order to ensure that all debits and credits are in balance and that the overall financial records are accurate. The cash budget and master budget may be used in preparing financial statements, but they are not the last major task before doing so. An internal audit may be conducted at any time, but it is not specifically related to the preparation of financial statements.

The Last Major Task Minnie Completed Before Getting Ready to Prepare