What Is the Last Account That Should Be Listed in the Post-Closing

question 27

Multiple Choice

What is the last account that should be listed in the post-closing trial balance?

• A) Income Summary
• B) Retained Earnings
• C) Cash
• D) Fees Earned

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Definitions:

Actual Cost

The incurred cost that reflects the real financial expenditure on a project, purchase, or activity.

Accounting Equation

The fundamental equation of double-entry bookkeeping, represented as Assets = Liabilities + Equity.

Liabilities

Obligations owed by a business to either creditors or suppliers, often in the form of loans or accounts payable.

Net Income

The amount of money a company has earned after all expenses, including taxes and costs, have been subtracted from total revenue.