In the accounting process, financial statements must be prepared _________ A. After the adjusting entries have been made B. Before the adjusting entries are made C. After preparing the post-closing trial balance D. After the adjusting and closing entries

Use the following to describe the order of the steps in the Accounting Cycle.     Prompts Submitted Answers Step 1   Analyze transactions for debit and credit account   Step 2   Journalize transactions   Step 3   Prepare the General Trial Balance   Step 4   Prepare the Balance Sheet   Step 5   Prepare the Adjusted Balance Sheet   Step 6   Prepare the Retained Earnings Statement   Step 7   Prepare the Adjusted Income Statement   Step 8   Prepare the preclosing Trial Balance   Step 9   Prepare the post-closing Trial Balance   Step 10     Prepare the Income Statement

1. Post-closing trial balance include all of the following account, except a. assetb. liabilitiesc. capitald. withdrawal   2. Which adjusting journal entries are subject to reversing entries? a. Accrual of incomeb. Deferral of income – liability methodc. Deferral of expense – asset methodd. Depreciation expense   3. On column 7 and 8 of worksheet or the Income Statement columns, what is the financial performance if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income   4. On column 9 and 10 of worksheet or the Balance Sheet columns, what is the difference if debit is greater than credit? a. Breakevenb. Net Incomec. Net Lossd. Gross Income

Which among the following is considered as the book of original entry? a. Trial Balance b. Balance Sheet c. Journal d. Ledger