Which of the Following Is Not a Step in the Accounting

question 74

Multiple Choice

Which of the following is not a step in the accounting process?

• A)Record relevant transactions and events in a journal.
• B)Post journal information to the ledger accounts.
• C)Prepare and analyze the trial balance.
• D)Analyze each transaction.
• E)Verify that revenues and expenses are equal.

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Definitions:

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, resulting in a net profit or loss.

Month Ended

Refers to the closing of the accounting period, usually the last day of the month, where businesses summarize financial activities.

Unearned Revenue Account

Refers to money received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.

Debit Balance

An accounting term indicating that a particular account has more debits than credits, often referring to an account's overall debt or expenditure.