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:

Managerial Accounting

The process of identifying, measuring, analyzing, and communicating financial information to managers for the pursuit of an organization's goals.

Financial Accounting

The process of recording, summarizing, and reporting the myriad of a company's transactions to provide an accurate picture of its financial position and performance.

Characteristics

Characteristics refer to distinguishing traits, qualities, or properties that identify and differentiate individuals, objects, or concepts.

Emerging Issues Task Force

A task force within the Financial Accounting Standards Board (FASB) that identifies and provides guidance on new financial reporting issues.