Horst works as an accountant for a mid-sized retail store.He has just completed a trial balance that turned up no unexpected problems.Horst's next major task is likely to be:
A)taking a well-deserved vacation,since he has just finished the last step in the accounting cycle for the current period.
B)preparing the store's balance sheet and other major financial statements.
C)preparing a tax return for the company.
D)conducting the full audit.

Question

Quizplus · Accepted Answer

After completing the trial balance, the next step in the accounting cycle is to prepare a complete set of financial statements, including the balance sheet, income statement, and statement of cash flows. This will allow Horst to provide an overview of the company's financial health and performance over the period.

Horst Works as an Accountant for a Mid-Sized Retail Store