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

Question

Quizplus · Accepted Answer

Closing the accounts is the final step in the accounting cycle where the temporary accounts such as revenue and expenses are closed and transferred to retained earnings, resulting in the preparation of the post-closing trial balance. The other options, analyzing transactions, recording and posting adjustments, and preparing financial statements, are important steps in the accounting cycle but they are completed before the final step of account closing.

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