Asked by Diante Pierce on May 11, 2024
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 financial report listing all the account balances in the general ledger before adjusting entries are made for the preparation of financial statements.
Closing Entries
The accounting process of transferring temporary account balances to permanent accounts at the end of an accounting period.
- Understand the sequence and importance of steps in the accounting cycle.
Verified Answer
KE
Kilara EschoMay 16, 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.
Learning Objectives
- Understand the sequence and importance of steps in the accounting cycle.
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