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

question 27

Multiple Choice

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

• A)Verify the worksheet calculations
• B)Determine if any adjusting entries have been omitted
• C)Test for equality of debits and credits in the general ledger to ensure the opening position is correct for the next period
• D)Make sure that all post-closing account balances are equal to the pre-closing account balances

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Definitions:

Mental Creativity

The ability to generate innovative ideas, solutions, or artistic expressions, demonstrating human imagination and original thought.

Real Property

Land and anything permanently affixed to it, such as buildings and other structures.

Fealty

A medieval concept referring to the loyalty and duty of a vassal to a lord, often associated with the feudal system.

Cross-Licensing

An illegal contractual arrangement in which two or more parties license each other to use their specified intellectual property only on the condition that neither licenses anyone else to use the property without the other’s consent.