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2 January, 20:41

All of the following are required steps in the accounting cycle except: Select one:

a. journalizing and posting closing entries.

b. preparing an adjusted trial balance.

c. preparing a post-closing trial balance.

d. prepare financial statements from the unadjusted trial balance.

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  1. 2 January, 20:50
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    Preparing a post-closing trial balance.

    Answer: Option C

    Explanation:

    The accounting cycle is a step wise procedure that a company has to follow to complete a bookkeeping task. It is important to record, analyze and produce a final report on the financial activity of a business.

    The important steps in the accounting cycle are Identifying transactions, to maintain record transactions in a journal, posting in general ledger, unadjusted trial balance, a worksheet to check if the credit and debit are equal, adjusting journal entries, generating financial statement and closing the books.
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