Which of the Following Are NOT Included in a Post-Closing

question 181

Multiple Choice

Which of the following are NOT included in a post-closing trial balance?

• A) Assets and liabilities
• B) Retained Earnings and assets
• C) Common Stock and liabilities
• D) Revenues and expenses

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Definitions:

Work In Process

An inventory category that refers to partially completed goods that are still in production.

FIFO Method

"First In, First Out" method, an inventory costing technique that assumes the first items added to inventory are the first ones sold.

Beginning Inventory

The value of all the inventory held by a business at the start of an accounting period.

Equivalent Units

A concept in cost accounting used to express the amount of work done on incomplete units in terms of fully completed units.