Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order.
1)Close the accounts.
2)Post transactions to accounts in the ledger.
3)Journalize daily transactions.
4)Record and post adjustments.
5)Prepare financial statements.
A)2,3,4,5,1
B)3,2,4,5,1
C)3,2,4,1,5
D)3,2,5,4,1

Question

Some of the steps in the accounting cycle are listed below.Select the choice that places these steps in the correct order. 
1)Close the accounts.
2)Post transactions to accounts in the ledger.
3)Journalize daily transactions.
4)Record and post adjustments.
5)Prepare financial statements.
A)2,3,4,5,1
B)3,2,4,5,1
C)3,2,4,1,5
D)3,2,5,4,1

Quizplus · Accepted Answer

The correct sequence for the accounting cycle starts with journalizing daily transactions (3), posting those transactions to ledger accounts (2), recording and posting adjustments (4), preparing financial statements (5), and finally closing the accounts (1).

Some of the Steps in the Accounting Cycle Are Listed