The Purpose of the Post-Closing Trial Balance Is to

question 71

Multiple Choice

The purpose of the post-closing trial balance is to

• A) ensure that all adjusting entries were made.
• B) prove the equality of the balance sheet 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 balance sheet accounts in alphabetical order for easy reference.

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Definitions:

Open System

A social system in which status is based on achieved attributes.

Social Stratification

The hierarchical arrangement of individuals or groups in society based on wealth, power, race, education, etc., which affects their access to resources and opportunities.

Caste

A form of social stratification characterized by hereditary status, endogamy, and social barriers sanctioned by custom or law.

Meritocracy

A system in which advancement and rewards are allocated based on individual abilities and merits rather than on the basis of social status, wealth, or other external factors.