After the worksheet has been completed, the next step in the accounting cycle is to:
A)prepare the financial statements.
B)journalize the closing entries.
C)prepare the post-closing trial balance.
D)post the closing entries.

Question

Quizplus · Accepted Answer

Once the worksheet has been completed, the next step in the accounting cycle is to prepare the financial statements. The financial statements include the income statement, statement of retained earnings, balance sheet, and statement of cash flows. The financial statements are prepared using the information from the worksheet and are intended to provide a summary of the company's financial performance over a specified period. Therefore, choice A is the correct answer.

After the Worksheet Has Been Completed, the Next Step in the Accounting