The Five Steps in the Accounting Cycle Are Listed as Follows

question 80

Multiple Choice

The five steps in the accounting cycle are listed as follows:
1) Close the accounts.
2) Post transactions to accounts in the ledger.
3) Journalize daily transactions.
4) Record and post adjustments.
5) Prepare financial statements.What is the correct order of these steps?

• A) 2, 3, 4, 5, 1
• B) 3, 2, 4, 5, 1
• C) 3, 2, 4, 1, 5
• D) 3, 2, 5, 4, 1

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