Which of these steps of the accounting cycle occur at year-end only (as opposed to during the accounting period, or at the end of the accounting period)?

Question

Quizplus · Accepted Answer

Journalizing and posting closing entries occur only at year-end after all other steps of the accounting cycle have been completed in order to close temporary accounts and prepare for the new accounting period. Analyzing business transactions, journalizing transactions, and posting to ledger accounts occur throughout the accounting period as transactions occur.

Which of These Steps of the Accounting Cycle Occur at Year-End