Probably the Last Account to Be Listed on a Post-Closing

question 171

Multiple Choice

Probably the last account to be listed on a post-closing trial balance would be

• A) Income Summary.
• B) Retained Earnings.
• C) Wages Expense.
• D) Wages Payable.

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Definitions:

Welfare Benefits

Government-provided assistance programs designed to support the health, safety, and well-being of citizens, particularly those who are in poverty, disabled, or elderly.

Personal Responsibility

The principle of taking accountability for one's actions and their consequences, often emphasizing individual initiative and self-discipline.

Welfare Policy

A set of government strategies aimed at providing assistance to individuals and families in need, to ensure a basic standard of living.

Apartheid

A social policy or structure of segregation and economic and political discrimination against non-European groups in South Africa.