Which of the Following Should Not Be Considered When Comparing

question 39

Multiple Choice

Which of the following should not be considered when comparing the Adjusted Trial Balance to the Post-Closing Trial Balance to ensure that no errors were made in the closing process?

• A) Account balances above Owner, Capital are the same on the Adjusted Trial Balance and the Post-Closing Trial Balance.
• B) The account balances on each of the trial balances are the same.
• C) Account balances below Owner, Capital are zero on the Post-Closing Trial Balance but not the Adjusted Trial Balance.
• D) The Owner, Capital account balance on the post-closing trial balance matches the Owner, Capital account balance on the balance sheet.

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Definitions:

Outstanding Checks

Checks that have been written and recorded in the payor's ledger but have not yet cleared the bank.

Adjusted Cash Balance

The cash amount reported after adjustments are made for checks outstanding, deposits in transit, and other discrepancies.

Check Register

A record of all checks written, deposits made, and balances for an individual’s or organization’s checking account.

Bank Statement

An official summary issued by a bank detailing a customer's transactions and balance over a specified period.