The Post-Closing Trial Balance Contains Both Permanent and Temporary Accounts

question 128

True/False

The post-closing trial balance contains both permanent and temporary accounts.

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting guidelines that govern how financial statements should be reported around the world.

Auditing

The examination of financial statements by a certified public accountant in order to express an opinion as to the fairness of presentation.

CPA

Certified Public Accountant, a professional designation given to accounting professionals in numerous countries around the world after completing a study course and passing an examination.

Financial Statements

Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and cash flow statement.