The Last Step in the Accounting Record-Keeping Process Is

Multiple Choice

The last step in the accounting record-keeping process is:

A) making adjusting journal entries to the accounts to correct errors and to reflect the financial statement impacts of items that occur because of usage or the passage of time.
B) preparing the income statement for the period from amounts in the income statement accounts.
C) closing the temporary income statement accounts to retained earnings.
D) preparing the balance sheet from amounts in the balance sheet accounts.
E) preparing the statement of cash flows from balance sheet amounts and from details of transactions affecting the cash account.