A Post-Closing Trial Balance Is Prepared

question 172

Multiple Choice

A post-closing trial balance is prepared

• A) after closing entries have been journalized and posted.
• B) before closing entries have been journalized and posted.
• C) after closing entries have been journalized but before the entries are posted.
• D) before closing entries have been journalized but after the entries are posted.

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Definitions:

Accumulated Depreciation

The cumulative depreciation expense charged on a fixed asset throughout its useful life.

Contra-Liability

A liability account that is used to reduce the value of a related liability, not commonly used in accounting terminology.

Balance Sheet

A fiscal statement detailing a company's holdings, dues, and the portion owned by shareholders, recorded at a precise time.