A Post-Closing Trial Balance Shows

question 57

Multiple Choice

A post-closing trial balance shows:

• A) All ledger accounts with a balance,none of which can be temporary accounts.
• B) All ledger accounts with a balance,none of which can be real accounts.
• C) All ledger accounts with a balance,which include some temporary and some real accounts.
• D) Only revenue and expense accounts.
• E) Only asset accounts.

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Definitions:

Accounts Receivable Balance

The overall financial dues that customers owe a business for the receipt of goods or services which are unpaid.

Finance Charges

The cost of borrowing money, including interest and other fees, that a lender charges a borrower for the use of funds.

Accounts Receivable Period

The average number of days it takes a company to collect payment after a sale has been made.

Controller

A senior financial officer responsible for managing a company's accounting operations, including the production of periodic financial reports, maintenance of accounting records, and a comprehensive set of controls and budgets.