Asked by sachdeva prince on May 01, 2024

verifed

Verified

The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.

Pre-closing Trial Balance

A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.

Closing Entries

Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.

  • Recognize the sequential steps in the accounting cycle.
verifed

Verified Answer

DC
Dessy ChristinaMay 01, 2024
Final Answer :
False
Explanation :
The trial balance prepared after all the closing entries have been posted is called a post-closing trial balance. The pre-closing trial balance is prepared before closing entries are made.