Question
n the accounting cycle, closing entries are directly after what step?
Posting to the general ledger
Recording adjusting entries
Completing financial statements
Paying long-term debt
Posting to the general ledger
Recording adjusting entries
Completing financial statements
Paying long-term debt
Answers
GPT-4o mini
In the accounting cycle, closing entries are directly after **completing financial statements**. After the financial statements are prepared, closing entries are made to transfer the temporary account balances to retained earnings and reset the temporary accounts for the next accounting period.