Which of the Following Statements Regarding a Post-Closing Trial Balance

question 113

Multiple Choice

Which of the following statements regarding a post-closing trial balance is false?

• A) Post-closing trial balances only contain permanent accounts.
• B) Balances in a post-closing trial balance cannot be used to calculate current income.
• C) Post-closing trial balances only contain temporary accounts.
• D) A post-closing trial balance verifies that the total of the debit balances equals the total of the credit balances of all permanent accounts in the general ledger.

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Definitions:

Incremental Change

A gradual, step-by-step approach to change, focusing on making minor improvements or adjustments over time rather than through large, transformative shifts.

Massive Scope

Describes projects, studies, or operations that have an exceptionally large scale, extent, or range of influence.

Unplanned Change

Change that is imposed on the organization and is often unforeseen.

Excise Tax

A tax levied on specific goods, services, or transactions, often included in the price of the product or service.