Question
What is the final stage of the accounting cycle?
Responses
issuing the financial statement
issuing the financial statement - no response given
adjusting entries
adjusting entries - no response given
posting to the general ledger
posting to the general ledger - no response given
closing statements out
closing statements out - no response given
Responses
issuing the financial statement
issuing the financial statement - no response given
adjusting entries
adjusting entries - no response given
posting to the general ledger
posting to the general ledger - no response given
closing statements out
closing statements out - no response given
Answers
GPT-5 mini
closing statements out
Explanation: After adjusting entries and preparing the financial statements, the final step is to close (or "close out") the temporary accounts (closing entries) to prepare the books for the next accounting period.
Explanation: After adjusting entries and preparing the financial statements, the final step is to close (or "close out") the temporary accounts (closing entries) to prepare the books for the next accounting period.