Which of the Following Statements Regarding a Post-Closing Trial Balance

question 46

Multiple Choice

Which of the following statements regarding a post-closing trial balance is not true?

• A)Post-closing trial balances only contain permanent accounts.
• B)Balances in a post-closing trial balance cannot be used to calculate current income.
• C)Post-closing trial balances only contain temporary accounts.
• D)A post-closing trial balance verifies that the total of the debit balances equals the total of the credit balances of all accounts in the general ledger.

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The act of settling amounts owed for goods received or services rendered, typically a financial transaction.

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