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

question 38

Multiple Choice

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

• A) Assets and liabilities
• B) Owner, Capital and assets
• C) Owner, Capital and liabilities
• D) Revenues and expenses

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Definitions:

Utilities Expense

An expense incurred by a business for basic utilities, such as electricity, gas, and water, which are necessary for operations.

Fees Earned

Revenue generated from providing services.

Prepaid Insurance

Insurance costs paid for in advance, recorded as a current asset until the period the insurance coverage relates to passes.

Insurance Expense

The cost recognized in accounting for premiums paid on insurance policies.