The Major Purpose of a Post-Closing Trial Balance Is To

question 61

Multiple Choice

The major purpose of a post-closing trial balance is to:

• A) prepare the accounting reports.
• B) confirm that the ledger is in balance at the start of the new accounting period.
• C) determine if any closing entries have been missed.
• D) determine if any adjusting entries have been missed.

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Definitions:

Social Exchange Theory

A theoretical framework suggesting that social behavior is the result of an exchange process to maximize benefits and minimize costs.

Positives and Negatives

The favorable and unfavorable aspects or consequences of a situation or action.

Decision

The act or process of making choices or selecting options from a set of alternatives.

Interaction Process Analysis

A method used to study the dynamics of small groups by systematically observing and categorizing different types of interaction.