Which of the following is not a step in the accounting process?

Which of the following is not a step in the accounting process? Multiple Choice

Record relevant transactions and events in a journal.

Post journal information to the ledger accounts.

Prepare and analyze the trial balance.

Analyze each transaction.

Verify that revenues and expenses are equal.

Solutions

Expert Solution

Ans.	Option 5th Verify that revenues and expenses are equal.

	Explanations: The following are the steps in accounting process:
1	Analyze business transactions.
2	Recording the journal entries.
3	ledger posting.
4	Prepare and analyze trial balance.
5	Make adjusting entries.
6	Adjustment of trial balance.
7	Prepared the Financial statements.
8	Close the accounts.
9	Post closing trial balance.

	*It is not necessary that the revenues and expenses would be equal.
	The differece between revenues and expenses is known as net income
	or net loss.

ekkarill92 answered 1 year ago

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