Which of the following accounting steps in the accounting process would be completed last? a.posting b.preparing the financial statements c.preparing the adjusted trial balance d.journalizing

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19-02-2020
Business

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Which of the following accounting steps in the accounting process would be completed last? a.posting b.preparing the financial statements c.preparing the adjusted trial balance d.journalizing

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ogechukwubenedict ogechukwubenedict · Answer 1 · 2020-02-22T10:59:05+01:00

Answer: b. preparing the financial statements

Explanation: As accounting involves recording, classifying, summarizing, and the interpretation financial information, the accounting process, is considered a series of procedures that are employed in the collection, processing, and communication of financial information. In the accounting process, journal entries are first adjusted (identifying and analyzing business transactions and events) after which they are posted. This represents the first and second steps. Then the adjusted trial balance is prepared, followed lastly by the preparation of financial statements. Therefore, the preparation of financial statements is completed last.