A List of All Accounts and Their Balances After Posting

question 156

Multiple Choice

A list of all accounts and their balances after posting closing entries is referred to as:

• A)A trial balance.
• B)An adjusted trial balance.
• C)A post-closing trial balance.
• D)An accounting trial balance.

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Definitions:

Contra Liability Account

An account on a company's balance sheet that decreases the balance of a liability account to reflect its net value.

Discount

A discount refers to a reduction from the usual cost of an item or service, offered to incentivize purchase or payment.

Bonds Payable

A long-term liability account that records the amounts owed by an entity to bondholders, to be repaid at a future date.

Installment Note

A debt that requires the borrower to make equal periodic payments to the lender for the term of the note.