Which of the following steps is NOT part of the basic accounting process?

The identification of the correct answer stems from an understanding of the basic accounting process, which typically involves several key steps: analyzing transactions, recording them in a journal, and then posting those recorded transactions to the ledger.

When it comes to preparing financial statements, such as the income statement, that step is distinctly separate from the basic accounting process. While the outcome of the basic accounting process contributes to the creation of financial statements, directly posting transactions to the income statement is not part of the standard flow of transaction processing. Instead, the income statement is derived from summarized data taken from the ledger accounts, which reflect the results of these prior steps.

The other options accurately represent integral components of the basic accounting process. Analyzing each transaction is essential for understanding its impact on the company's financial position, and journalizing transactions is crucial for maintaining an accurate and detailed record. Additionally, transferring information to the ledger allows for organized tracking of accounts, which ultimately feeds into the financial statements, but the direct act of posting transactions to the income statement itself is mischaracterized as being part of this fundamental process.