A Post-Closing Trial Balance Is a List of Permanent Accounts

question 153

True/False

A post-closing trial balance is a list of permanent accounts and their balances from the ledger after all closing entries are journalized and posted.

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Definitions:

Private Sector

The part of the economy that is owned and operated by individuals and private companies, rather than by the government.

Increased

Describes a situation where a quantity or value becomes larger or greater over time.

Basic Research

Fundamental research aimed at gaining a comprehensive understanding of basic principles and facts, rather than immediate commercial objectives.

Immediate Payoff

A benefit or reward that is received right away, without delay.