The Purpose of the Post-Closing Trial Balance Is to

question 161

Multiple Choice

The purpose of the post-closing trial balance is to

• A) prove that no mistakes were made.
• B) prove the equality of the statement of financial position account balances that are carried forward into the next accounting period.
• C) prove the equality of the income statement account balances that are carried forward into the next accounting period.
• D) list all the statement of financial position accounts in alphabetical order for easy reference.

Understand the factors that influence the likelihood of helping behavior.

Distinguish between evolutionary and social psychological theories of altruism.

Recognize the effects of the bystander's perceptions on their intervention decisions.

Identify conditions under which good moods and empathy promote helping behavior.

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Definitions:

Perpetual Inventory System

A system for managing inventory that instantly logs transactions of buying or selling inventory via computerized point-of-sale systems and software for enterprise asset management.

FIFO

"First In, First Out," an inventory valuation method where goods purchased or produced first are sold or used first.

Ending Inventory

The total value of goods remaining unsold at the end of an accounting period, calculated as a part of the cost of goods sold.

Periodic Inventory System

An accounting method where inventory levels and cost of goods sold are determined at set intervals, typically at the end of an accounting period.