Jim works in the accounting department at the Brunswick Sunflower Corporation,where it is his job to record all transactions into journals.After completing this task,the next step in the accounting process is to:
A)prepare the firm's financial statements.
B)determine the tax liability of the firm.
C)balance the difference between assets and liabilities.
D)post the information into ledgers.

Question

Quizplus · Accepted Answer

After recording transactions into journals, the next step is to post the information into ledgers. This involves transferring information from the journals to the appropriate accounts in the ledger, which is a more organized way of keeping track of all the company's financial transactions. Only after this step is completed can the firm's financial statements be prepared, the difference between assets and liabilities be balanced, and tax liability be determined.

Jim Works in the Accounting Department at the Brunswick Sunflower