Question

Describe the final step in the adjusting process. The final step is to determine the correct balance of an account. The final step is to determine the current balance of an account. The final step is to post to a trial balance so financial statements can be prepared. The final step is to create an adjusting journal entry to get from step 1 to step 2. Confidence Level

Answer 1

Answer:

The Final Step is 'post to a trial balance so financial statements can be prepared'

Explanation:

The accounting cycle has, in most theory analysis, 8 steps that will serve to record and process all financial transactions of a company, beginning at the transactions itself and ending at resetting the balance so a new cycle can begin. The steps are:

1) The occurrence of Financial Transactions

2) The record of those transactions in the company journal

3) The summary of all journal’s transactions in the general ledger

4) The calculation of a total balance for all accounts

5) The corrections of error in balances by the bookkeeper

6) The posting of adjustments in all accounts

7) The manufacture of financial statements using the correct balances

8) The close of revenue and expense accounts to open a new cycle