A post-closing trial balance should include only permanent accounts.

Question

Quizplus · Accepted Answer

A post-closing trial balance includes only permanent accounts, which are the accounts that carry over from one accounting period to another, such as assets, liabilities, and equity accounts. Temporary accounts, such as revenue and expense accounts, are closed out at the end of each accounting period and their balances are transferred to the retained earnings account. Therefore, temporary accounts should not be included in a post-closing trial balance.

A Post-Closing Trial Balance Should Include Only Permanent Accounts