A trial balance prepared after the adjusting and closing entries have been posted, and which is the final step in the accounting cycle, is a(n)
A) Unadjusted trial balance
B) Post-closing trial balance
C) Book of final entry
D) Adjusted trial balance
E) Work sheet

Question

Quizplus · Accepted Answer

The post-closing trial balance is prepared after the adjusting and closing entries have been posted, and it is the final step in the accounting cycle. It includes all accounts and their balances, including the permanent accounts, which have been updated to reflect only the balance of the account at the end of the period.

A Trial Balance Prepared After the Adjusting and Closing Entries