The two optional steps in the accounting cycle are preparing
A) a post-closing trial balance and reversing entries.
B) a worksheet and post-closing trial balances.
C) reversing entries and a worksheet.
D) an adjusted trial balance and a post-closing trial balance.

Question

Quizplus · Accepted Answer

The two optional steps in the accounting cycle are preparing reversing entries and a worksheet. Reversing entries are made at the beginning of the new accounting period to reverse or cancel out adjusting entries made at the end of the previous period, and they are optional because not all businesses find them necessary. A worksheet is a tool used for planning and is not mandatory for the accounting cycle.

The Two Optional Steps in the Accounting Cycle Are Preparing