Of the Following Accounts,which Might Appear in the Adjusted Trial

question 57

Multiple Choice

Of the following accounts,which might appear in the adjusted trial balance,but not in the post-closing trial balance?

• A)Income Summary
• B)Owner's Capital
• C)Accounts Payable
• D)Depreciation Expense

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Definitions:

IFRS

International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board that is globally accepted for preparing financial statements.

Balance Sheet Order

The sequence in which assets, liabilities, and equity are presented in the balance sheet, typically starting with current assets and liabilities.

Noncurrent Assets

Long-term assets that are not expected to be converted into cash within one year or the operating cycle, such as property, plant, and equipment.

IASB and FASB

International Accounting Standards Board and Financial Accounting Standards Board, respectively, setting and promoting accounting standards.