A Post-Closing Trial Balance

question 54

Multiple Choice

A post-closing trial balance.

• A)includes temporary accounts only.
• B)includes permanent accounts only.
• C)includes both temporary and permanent accounts.
• D)may include expenses.

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Definitions:

Federal Deregulation

The process of reducing or eliminating government rules and restrictions on the business sector by federal authorities.

Savings And Loan

Financial institutions that primarily accept savings accounts and provide mortgage lending, historically focusing on residential mortgages.

Taxpayers

Individuals or entities that are obliged to pay taxes to a government authority based on their income, property, or consumption.

Speculative Demand

The demand for goods not for immediate consumption, but for investment purposes with the hope of future price appreciation.