The purpose of the post-closing trial balance is to

Question

Quizplus · Accepted Answer

The purpose of the post-closing trial balance is to prove the equality of the balance sheet account balances that are carried forward into the next accounting period. This ensures that all accounts have been properly closed and that the balance sheet is in balance. It does not prove that no mistakes were made (as mistakes could still occur in the next accounting period), prove the equality of the income statement account balances (as these accounts have already been closed out), or list all the balance sheet accounts in alphabetical order (as this is not the purpose of the post-closing trial balance).

The Purpose of the Post-Closing Trial Balance Is to