Multiple Choice
Which of these is not a purpose of a post-closing trial balance?
A) Determining how much profit the entity has made.
B) Testing for the equality of debits and credits in the general ledger.
C) Making sure the ledger is correct as the starting point for the next financial period.
D) Checking that all the revenue and expense accounts have been closed-off.
Correct Answer:
Verified
Correct Answer:
Verified
Q1: The correct closing entry for the bank
Q2: Which of the following is the correct
Q4: In which order do these steps in
Q5: Dividends declared near the end of an
Q6: The post-closing trial balance contains only:<br>A) balance
Q7: Which of the following statements relating to
Q8: In which order do these steps in
Q9: Which of the following is the correct
Q10: Income and expense accounts can be referred
Q11: Which accounts are closed in the closing