The Account Balances on the Post-Closing Trial Balance Should Match

question 47

Multiple Choice

The account balances on the post-closing trial balance should match the balances in the:

• A)general journal.
• B)Income Statement.
• C)general ledger.
• D)Statement of Retained Earnings.

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Definitions:

Competitive Nature

The inherent traits or dynamics within markets where businesses strive to gain advantages over others to secure more customers or profit.

Governmental Order

A directive issued by a government authority, which can include regulations, directives, decisions, laws, or administrative acts.

Health Hazard

A condition or material that poses a risk of causing injury, illness, or death to individuals.

Useful Life

The estimated period over which an asset is expected to be functional and economically useful.