Which of the following statements about financial statements and the trial balance is correct?

Question

Quizplus · Accepted Answer

The adjusted trial balance is a check that the accounting records are still in balance after posting all adjusting entries to the accounts.The financial statements cannot be prepared if the accounting records do not balance.A post-closing trial balance should be prepared after (rather than before)temporary accounts are closed.Because the income statement accounts are temporary accounts that have been closed,a post-closing trial balance will list zero balances for all of the accounts that are reported on the income statement.

Which of the Following Statements About Financial Statements and the Trial