31. The following are steps in the accounting cycle. Of the following, which would be prepared last?

Question

31. The following are steps in the accounting cycle.  Of the following, which would be prepared last? (Points: 4)

       An adjusted trial balance is prepared.

       Transactions are posted to the ledger.

       An unadjusted trial balance is prepared.

       Adjusting entries are journalized and posted to the ledger.

32. The accounting cycle requires three trial balances be done.  In what order should they be prepared? (Points: 4)

       Post-closing, unadjusted, adjusted

       Unadjusted, post-closing, adjusted

       Unadjusted, adjusted, post-closing

       Post-closing, adjusted, unadjusted

33. The fiscal year selected by companies _________. (Points: 4)

       is the same as the calendar year

       begins with the first day of the month and ends on the last day of the twelfth month

       must always begin on January 1

       will change each year

Answer 1

31. The following are steps in the accounting cycle.  Of the following, which would be prepared last? (Points: 4)

       An adjusted trial balance is prepared.

      

32. The accounting cycle requires three trial balances be done.  In what order should they be prepared? (Points: 4)

       Unadjusted, adjusted, post-closing

      

33. The fiscal year selected by companies _________. (Points: 4)

     begins with the first day of the month and ends on the last day of the twelfth month

Answer 2

31. adjusted trial balance is prepared last

32. post closing trial balance, unadjusted trial balance, and adjusted trial balance.

33.same as calendar year.