The Post-Closing Trial Balance Is Prepared to Prove the Equality

question 149

True/False

The post-closing trial balance is prepared to prove the equality of debits and credits in the ledger after closing entries have been journalized and posted.

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Definitions:

Equilibrium Quantity

The quantity of goods or services supplied and demanded at the equilibrium price, where supply equals demand.

Demand

The desire of purchasers, consumers, clients, or agents for a particular commodity, service, or other resource, combined with their capacity to purchase it.

Vertical Straight Line

In a graph, a line that runs straight up and down, indicating that the variable on the x-axis remains constant.

Quantity Supplied

The quantity of a product or service that sellers are prepared and capable of offering for sale at a certain price.