Which of the Following Accounts Showing a Balance on the Post-Closing

question 76

Multiple Choice

Which of the following accounts showing a balance on the post-closing trial balance indicate an error?

• A)Land.
• B)Dividends.
• C)Accounts Payable.
• D)Unearned Revenue.
• E)Prepaid Insurance.

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Definitions:

Job-Order Costing

An accounting method that assigns costs to specific batches or job orders, making it possible to track the financial inputs and outputs of individual jobs.

Manufacturing Overhead

The indirect costs associated with manufacturing that are not directly tied to the production of goods, such as utilities, rent, and maintenance of equipment.

Cost of Goods Sold

An accounting term referring to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Balance Sheet

A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time.