The Major Purpose of a Post-Closing Trial Balance Is To

question 21

Multiple Choice

The major purpose of a post-closing trial balance is to:

• A)Prepare the accounting reports
• B)Confirm that the ledger is in balance at the start of the new accounting period
• C)Determine if any closing entries have been missed
• D)Determine if any adjusting entries have been missed

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Definitions:

Central Tendency

A statistical measure that identifies a single value as representative of an entire distribution, often through the mean, median, or mode.

Average Category

A classification used to benchmark or standardize the typical or midrange value of a set of data or characteristics.

Comparative Performance Appraisal Methods

A range of techniques used to evaluate the performance of employees by comparing them against certain standards or against the performance of other employees.

Ranking

A method of ordering or classifying entities or individuals based on a set of criteria, often used for evaluation or comparison purposes.