Which of the following depicts the proper sequence of steps in the accounting cycle?

Question

Quizplus · Accepted Answer

The proper sequence of steps in the accounting cycle is to first prepare a trial balance, followed by preparing adjusting entries, and then preparing financial statements. Option A is incorrect because analyzing business transactions should come before journalizing them. Option B is incorrect because preparing financial statements should come after preparing adjusting entries. Option D is incorrect because posting to ledger accounts should come after preparing adjusting entries.

Which of the Following Depicts the Proper Sequence of Steps