Asked by Angelica Melo-Perez on Jul 22, 2024
Verified
The post-closing trial balance differs from the adjusted trial balance in that it does not
A) take into account closing entries
B) take into account adjusting entries
C) include balance sheet accounts
D) include income statement accounts
Post-Closing Trial Balance
A financial statement listing all the accounts and their balances after closing entries are made, ensuring the accounts are ready for the next accounting period.
Adjusted Trial Balance
A report that lists all accounts and their balances after adjusting entries are made, ensuring that debits equal credits.
Closing Entries
The journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts.
- Familiarize yourself with the accounts featured in the post-closing trial balance and their significance.
Verified Answer
KH
kerbres heromaJul 23, 2024
Final Answer :
D
Explanation :
The post-closing trial balance is prepared after closing entries are made and includes only balance sheet accounts. Income statement accounts (revenues and expenses) have been closed to the capital or retained earnings account and do not appear in the post-closing trial balance.
Learning Objectives
- Familiarize yourself with the accounts featured in the post-closing trial balance and their significance.