Which one of the following is the last step in the accounting cycle?

Question

Quizplus · Accepted Answer

Closing the accounts is the last step in the accounting cycle. This involves transferring the balances of temporary accounts (revenue, expense, and dividend accounts) to the retained earnings account and setting the balances of those accounts to zero to prepare them for the new accounting period. Once the accounts have been closed, the financial statements can be prepared.

Which One of the Following Is the Last Step in the Accounting