Select the statement below that describes a post-closing trial balance. Multiple choice question.
A. It is a listing of all permanent accounts and their balances after closing.
B. It is a listing of all temporary accounts and their balances after closing.
C. It is a financial statement that describes all revenue and expense accounts after closing,
D. It is a listing of all permanent accounts and their balances immediately after the adjusting process.

Question

25-01-2022
Business

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Select the statement below that describes a post-closing trial balance. Multiple choice question.
A. It is a listing of all permanent accounts and their balances after closing.
B. It is a listing of all temporary accounts and their balances after closing.
C. It is a financial statement that describes all revenue and expense accounts after closing,
D. It is a listing of all permanent accounts and their balances immediately after the adjusting process.

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Parrain Parrain · Answer 1 · 2022-02-02T11:17:26+01:00

The post closing trial balance is A. a listing of all permanent accounts and their balances after closing.

What is the post closing trial balance?

It shows the balances of permanent accounts (balance sheet items) at the closing of the reporting period.
Helps compare debits to credits.

The post closing balance sheet allows a company to balance its accounts by comparing the balances on the debit side with the credit side. Adjustments can then be made.

In conclusion, option A is correct.

Find out more on the post closing trial balance at https://brainly.com/question/24914390.