Question

All of the following are required steps in the accounting cycle except: Select one:

Answer 1

Preparing a post-closing trial balance.

Answer: Option C

Explanation:

The accounting cycle is a step wise procedure that a company has to follow to complete a bookkeeping task. It is important to record, analyze and produce a final report on the financial activity of a business.

The important steps in the accounting cycle are Identifying transactions, to maintain record transactions in a journal, posting in general ledger, unadjusted trial balance, a worksheet to check if the credit and debit are equal, adjusting journal entries, generating financial statement and closing the books.