Which of the following is the final step in the accounting cycle?
A)Prepare financial statements.
B)Close the accounts.
C)Prepare an adjusted trial balance.
D)Post the journal entries to the ledger.

Question

Quizplus · Accepted Answer

Closing the accounts is the final step in the accounting cycle. This involves transferring the balances of all temporary accounts (such as revenue and expense accounts) to the retained earnings account, effectively resetting these accounts to zero for the next accounting period.

Which of the Following Is the Final Step in the Accounting