Wonderful Post Closing Trial Balance Contains Only

Choose the best answer for each of the following questions.

Post closing trial balance contains only. The post-closing trial balance contains only a. B liability and stockholders equity accounts. Income statement balance sheet and owners equity statement accounts.

The post-closing trial balance also known as after-closing trial balance is the last step of accounting cycle and is prepared after making and posting all necessary closing entries to relevant ledger accounts. A post-closing trial balance contains a only temporary accounts b only permanent accounts c permanent and temporary accounts d only balance sheet and income statement accounts but no others. The post-closing trial balance will contain only balance sheet accounts.

Edit with Office GoogleDocs iWork etc. All of the other accounts temporarynominal accounts. Remember if debits equal credits the accounting equation will balance.

The post-closing trial balance contains no revenue expense gain loss or summary account balances since these temporary accounts have already been closed and their balances moved into the retained earnings account as part of the closing. This trial balance contains only the permanent accounts. A Post-closing trial balance is prepared after all the adjusting entries are passed.

E There is no such thing as a post-closing trial balance it is called an adjusted trial. The corrected post-closing trial balance has the debit balances which equal credit balances. Ad Over 2000 Essential Templates to Start Organize Manage Grow Your Business in 1 Place.

A post-closing trial balance is a complete list of the balance sheet accounts that have a zero balance at the end of the reporting period youre in. Assets Liabilities and Capital. The balances of these accounts have already transitioned to the retained earnings account during the closing of the account.