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Ms. Lott was required by a provision in the B.C. School Act to retire from her position as an elementary teacher at the age of 65. She did not want to retire. She commenced an action against the school board. Which of the following is False with regard to this situation?
Post-Closing Trial Balance
A listing of all accounts and their balances after the closing entries are made, ensuring debits equal credits.
Expense Account(s)
Accounts used to record expenses in the general ledger, which represent the costs of operating a business that are not directly tied to the production of goods or services.
Income Summary
An account used in the closing process, summarizing all revenues and expenses for a period, to transfer the net result to capital accounts.
Capital Account
A capital account is an account on a company's balance sheet that represents the equity investment of owners and shareholders.
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