Tom has successfully completed the first three steps in the typical accounting cycle.However, because the ____ totals are incorrect, Tom cannot proceed to prepare the financial statements.
A) analysis
B) posting
C) general journal
D) ledger
E) trial balance

Question

Quizplus · Accepted Answer

The step following posting is preparing a trial balance which is used to ensure the debit and credit balances in the ledger accounts match. If the trial balance totals are incorrect, it means there are errors in the posting process that need to be corrected before proceeding to prepare financial statements.

Tom Has Successfully Completed the First Three Steps in the Typical