Asked by Griselle Gomez on Jun 18, 2024
Verified
The post-closing trial balance is used to determine if the ledger is in balance after posting adjustments.
Post-closing Trial Balance
A financial statement prepared after closing entries are made, listing only the balance sheet accounts with non-zero balances.
Ledger
A principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type.
- Comprehend the objective and the procedural steps involved in preparing a post-closing trial balance.
- Distinguish between different types of trial balances and their roles in accounting.
Verified Answer
AT
Alida TorresJun 21, 2024
Final Answer :
False
Explanation :
The post-closing trial balance is used to verify that all temporary accounts have been closed and that the ledger is in balance after closing entries have been posted, not after posting adjustments. Adjustments are accounted for in the adjusted trial balance, prior to the closing entries.
Learning Objectives
- Comprehend the objective and the procedural steps involved in preparing a post-closing trial balance.
- Distinguish between different types of trial balances and their roles in accounting.