Question Details

A post-closing trial balance should be prepared



1.	A post-closing trial balance should be prepared
a.	before closing entries are posted to the ledger accounts.
b.	after closing entries are posted to the ledger accounts.
c.	before adjusting entries are posted to the ledger accounts.
d.	only if an error in the accounts is detected.


2.	A post-closing trial balance will show
a.	zero balances for all accounts.
b.	zero balances for statement of financial position accounts.
c.	only statement of financial position accounts.
d.	only income statement accounts.


	3.	The purpose of the post-closing trial balance is to
a.	prove that no mistakes were made.
b.	prove the equality of the statement of financial position account balances that are carried forward into the next accounting period.
c.	prove the equality of the income statement account balances that are carried forward into the next accounting period.
d.	list all the statement of financial position accounts in alphabetical order for easy reference.


4.	The balances that appear on the post-closing trial balance will match the
a.	income statement account balances after adjustments.
b.	statement of financial position account balances after closing entries.
c.	income statement account balances after closing entries.
d.	statement of financial position account balances after adjustments.


5.	Which account listed below would be double ruled in the ledger as part of the closing process?
a.	Cash
b.	Retained Earnings
c.	Dividends
d.	Accumulated Depreciation




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