Question

which one of the following contains the selected steps of the accounting cycle in the correct order? 1. journalize the transactions. 2. post transactions to ledger accounts. 3. analyze transactions. 4. prepare financial statements. 5. prepare a trial balance. a 1,2,3,5,4 b 3,1,2,5,4 c 3,2,1,4,5 d 3,1,2,4,5

Explanation:

In the accounting cycle, first, transactions are analyzed to understand their nature and impact. Then, they are journalized in the general - journal where details of each transaction are recorded. After that, the journal entries are posted to the ledger accounts. Once the posting is done, a trial balance is prepared to check the equality of debits and credits. Finally, financial statements are prepared using the information from the trial balance and ledger accounts.

Answer:

B. 3, 1, 2, 5, 4