Which of the following steps in the accounting cycle occurs last?

Question

BlackTom AI · Accepted Answer

To determine which step occurs last in the accounting cycle, let's map out the sequence of steps typically involved.
Option 1: Prepare an adjusted trial balance. This step happens after making adjusting entries and before financial statements are prepared, so it is not the final step.
Option 2: Post to the ledger accounts. Posting entries from the journal to the general ledger occurs early in the cycle and is not the closing or final step.
Option 3: Prepare a post-closing trial balance. This step occurs after closing entries have been made and ensures that the books are in balance going into the next accounting period, making it the concluding step of the cycle.
Option 4: Prepare financial statements. Financial statements are prepared from the adjusted trial balance and typically precede the closing process, so they are not the last step.
In summary, the last traditional step in the cycle is to prepare a post-closing trial balance, as it verifies that all temporary accounts have been closed and the ledger is ready for the new period.

Which of the following steps in the accounting cycle occurs last?

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