Question Details

The final step in the accounting cycle



1.	Which one of the following is an optional step in the accounting cycle of a business enterprise?
a.	Analyze business transactions
b.	Prepare a worksheet
c.	Prepare a trial balance
d.	Post to the ledger accounts


	2.	The final step in the accounting cycle is to prepare
a.	closing entries.
b.	financial statements.
c.	a post-closing trial balance.
d.	adjusting entries.


	3.	Which of the following steps in the accounting cycle would not generally be performed daily?
a.	Journalize transactions
b.	Post to ledger accounts
c.	Prepare adjusting entries
d.	Analyze business transactions


4.	Which of the following steps in the accounting cycle may be performed most frequently?
a.	Prepare a post-closing trial balance
b.	Journalize closing entries
c.	Post closing entries
d.	Prepare a trial balance


5.	Which of the following depicts the proper sequence of steps in the accounting cycle?
a.	Journalize the transactions, analyze business transactions, prepare a trial balance
b.	Prepare a trial balance, prepare financial statements, prepare adjusting entries
c.	Prepare a trial balance, prepare adjusting entries, prepare financial statements
d.	Prepare a trial balance, post to ledger accounts, post adjusting entries
 



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