Examlex
All of the following statements are true EXCEPT:
Ending Liabilities
The total debts and financial obligations a company owes at the end of a reporting period.
Post-closing Trial Balance
A financial report created after closing entries are made, listing all accounts and their final balances to ensure debits equal credits.
Proper Form
The required or correct format, arrangement, or procedure that a document, action, or process must adhere to according to rules, standards, or laws.
Closing
The process of finalizing accounts at the end of an accounting period to prepare them for the next period.
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