Which of the following sequences indicates the correct order of steps in the accounting cycle?
A) Post to T-accounts, prepare journal entries, prepare trial balance, and prepare financial statements.
B) Post to T-accounts, prepare journal entries, prepare financial statements, and prepare trial balance.
C) Prepare Journal entries, post to T-accounts, prepare trial balance, and prepare financial statements.
D) Prepare Journal entries, post to T-accounts, prepare financial statements, and prepare trial balance.

Question

Quizplus · Accepted Answer

The correct order of steps in the accounting cycle is to first prepare journal entries, then post them to T-accounts, prepare a trial balance, and finally prepare the financial statements. Option C correctly follows this order.

Which of the Following Sequences Indicates the Correct Order of Steps