Which of the Following Statements About Financial Statements and the Trial

question 122

Multiple Choice

Which of the following statements about financial statements and the trial balance is correct?

• A) Financial statements are prepared only after the adjusted trial balance has shown that debits equal credits.
• B) A post-closing trial balance should be prepared before temporary accounts are closed.
• C) An adjusted trial balance reflects the amount of Retained Earnings to be shown on the Balance Sheet.
• D) A post-closing trial balance lists the account balances of the accounts that are reported the income statement.

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