Which one of the following steps in the accounting cycle is completed only at the end of an accounting period?
A)Business transactions are recorded.
B)Adjustments are recorded.
C)Transactions are journalized.
D)Journal entries are posted to the ledger.

Question

Quizplus · Accepted Answer

Adjustments are recorded at the end of an accounting period to update accounts and prepare financial statements. Business transactions are recorded throughout the period as they occur, transactions are then journalized and journal entries are posted to the ledger as soon as possible for accurate and up-to-date records.

Which One of the Following Steps in the Accounting Cycle