The Post-Closing Trial Balance

question 93

Multiple Choice

The post-closing trial balance

• A) Consists of statement of financial position accounts only.
• B) Will balance if a transaction is not journalized and posted, or if a transaction is journalized and posted twice.
• C) Shows that the accounting equation is in balance at the end of the accounting period.
• D) All of these choices are correct.

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Definitions:

Banking System

The network of institutions that accept deposits, offer loans, and provide a variety of financial services to their customers, including savings and checking accounts.

Paper Money

Currency in the form of paper notes, issued by the government or central bank, representing a claim on the issuing country's government.

Gold

A precious metal that is used as an investment, a hedge against inflation, and in various industrial and jewelry applications, known for its value retention over time.

U.S. Currency

The money that is legally in use in the United States, consisting mainly of Federal Reserve Notes (dollar bills).