A post-closing trial balance reports:
A)All permanent ledger accounts with balances.
B)All nominal ledger accounts with balances.
C)All temporary and permanent ledger accounts with balances.
D)Only revenue and expense accounts.
E)Only asset accounts.

Question

Quizplus · Accepted Answer

A post-closing trial balance reports all permanent ledger accounts with balances. This includes asset, liability, and equity accounts that are not closed at the end of the accounting period. Nominal accounts, such as revenue and expense accounts, are closed at the end of the period and do not appear in a post-closing trial balance. The purpose of the trial balance is to ensure that the total debits equal the total credits after all closing entries have been made.

A Post-Closing Trial Balance Reports