Which of the Following Correctly Describes the Accounts Reported on the Post-Closing

question 118

Multiple Choice

Which of the following correctly describes the accounts reported on the post-closing trial balance?

• A)It includes permanent and temporary accounts with non-zero balances.
• B)The ending retained earnings balance includes the current period net income.
• C)It includes only temporary account balances.
• D)It doesn't include stockholders' equity account balances.

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Definitions:

Trust Fund

A legal entity set up to hold assets such as cash, property, or investments for the benefit of a specific person, group, or organization.

Shares Of Apple

Equity shares that represent ownership in Apple Inc., allowing shareholders to claim on the company’s assets and earnings.

Journal Entry

A record in accounting that notes every transaction with debits and credits in the financial books.

Cash Conveyed

The transfer of cash from one party to another, often used in the context of financial transactions or payments.