The Aim of a Post-Closing Trial Balance Is to Verify

question 69

True/False

The aim of a post-closing trial balance is to verify that (1) total debits equal total credits for temporary accounts, and (2) all temporary accounts have zero balances.

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Definitions:

DATEVALUE

A function in spreadsheet programs that converts a date in the form of text to a serial number representing the date.

TODAY Function

A function in many spreadsheet programs that returns the current date, updating each time the document is opened or recalculated.

Data Tables

Structures in software and databases designed to organize, store, and manage data in rows and columns for easy retrieval and analysis.

TIMEVALUE Function

A function in spreadsheet software that converts a time in the form of text to a serial number representing the time in the software's date-time code.