After the Transactions Have Been Posted, the Next Step in the Accounting

question 46

Multiple Choice

After the transactions have been posted, the next step in the accounting cycle is to:

• A)prepare the post-closing trial balance.
• B)prepare the worksheet.
• C)journalize and post the adjusting entries.
• D)prepare the financial statements.

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Definitions:

Verify

To confirm the accuracy, truth, or validity of something through examination or comparison.

Five-Figure Accuracy

The precision of a numerical value up to five significant digits.

Calculate

To work out the numerical value of something through a systematic series of steps.

Graph

A visual representation of data, functions, or equations on a coordinate plane.