Asked by Rania Laamiri on May 12, 2024
Verified
The last step of the accounting cycle is to prepare a post-closing trial balance.
Post-closing Trial Balance
A financial statement prepared after closing entries are made, listing all the account balances to check the equality of debits and credits.
Accounting Cycle
The accounting process that begins with analyzing and journalizing transactions and ends with the post-closing trial balance.
- Comprehend the chronological phases of the accounting cycle.
Verified Answer
NR
NKeshia RuckerMay 16, 2024
Final Answer :
True
Explanation :
The last step of the accounting cycle is indeed to prepare a post-closing trial balance. This trial balance contains only the balances of the permanent accounts after the closing entries have been made, and serves as a starting point for the next accounting period.
Learning Objectives
- Comprehend the chronological phases of the accounting cycle.
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