All of the following statements about the post-closing trial balance are correct except it
A) shows that the accounting equation is in balance.
B) provides evidence that the journalizing and posting of closing entries have been properly completed.
C) contains only permanent accounts.
D) proves that all transactions have been recorded.
Correct Answer:
Verified
Q170: Closing entries are unnecessary if the business
Q171: Cash and supplies are both classified as
Q172: The information for preparing a trial balance
Q173: Closing entries are necessary for
A)permanent accounts only.
B)temporary
Q174: The Income Summary account is used
A)during interim
Q176: The two optional steps in the accounting
Q177: The following information is for Bright Eyes
Q178: Intangible assets are
A)listed directly under current assets
Q179: A reversing entry
A)reverses entries that were made
Q180: Most companies that follow IFRS present balance
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents