Asked by Kaohulani Palakiko on May 17, 2024
Verified
Which one of the steps below is not aided by the preparation of the end-of-period spreadsheet?
A) preparing the adjusted trial balance
B) posting to the general ledger
C) preparing the financial statements
D) preparing the closing entries
General Ledger
A complete record of all financial transactions over the life of a company, used to compile the financial statements.
Adjusted Trial Balance
A list of all accounts and their balances after adjustments are made for accruals, deferrals, and other adjustments.
Closing Entries
Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts in preparation for the next accounting period.
- Understand how the accounting cycle progresses from journal entries to financial statements.
Verified Answer
JC
Jennell CrespoMay 23, 2024
Final Answer :
B
Explanation :
Although posting to the general ledger is an important step in the accounting cycle, it is not directly aided by the preparation of the end-of-period spreadsheet. The end-of-period spreadsheet primarily helps with preparing the adjusted trial balance, financial statements, and closing entries.
Learning Objectives
- Understand how the accounting cycle progresses from journal entries to financial statements.