A Trial Balance Prepared After the Closing Entries Have Been

question 57

Multiple Choice

A trial balance prepared after the closing entries have been posted would exclude which one of the following accounts?

• A) Inventory.
• B) Accumulated depreciation.
• C) Service revenue.
• D) Trade receivables.

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Definitions:

Dishonor

The refusal or inability of an entity to fulfill a financial obligation, such as a check or bill.

Primarily Liable

Refers to the primary obligation or responsibility for fulfilling a debt or obligation, typically before any secondary or tertiary parties.

Accepts Check

The process of agreeing to take a check as a method of payment.

Party Status

The recognition of being a participant or member in a legal action or in a contractual or political relationship.