The post-closing trial balance contains only
A) income statement accounts.
B) balance sheet accounts.
C) balance sheet and income statement accounts.
D) income statement, balance sheet, and retained earnings statement accounts.

Question

Quizplus · Accepted Answer

The post-closing trial balance contains only balance sheet accounts as all the temporary income statement accounts have been closed out at the end of the accounting period. The retained earnings account may or may not be included in the post-closing trial balance depending on the accounting system being used.

The Post-Closing Trial Balance Contains Only