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The trial balance prepared after all of the temporary accounts have been closed is called

The trial balance prepared after all of the temporary accounts have been closed is called

The trial balance prepared after all of the temporary accounts have been closed is called a post-closing trial balance.

 

9) The Income Summary account can be found on the worksheet.

 

10) The post-closing trial balance contains the true ending figure for Capital.

 

11) The post-closing trial balance is used to determine if the ledger is in balance after closing.

 

12) All closing entries must be posted before preparing the post-closing trial balance.

 

13) When the post-closing trial balance is prepared, the adjusting entries have not been made.

14) Closing entries are normally prepared after the post-closing trial balance is prepared.

 

15) The post-closing trial balance comes before the closing entries are posted.

 

16) The Post-Closing Trial Balance contains the Opening Balance of Capital.

Tripti 06-Dec-2019

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