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.

---

Definitions:

Proprietorships

Businesses owned and operated by a single individual, bearing unlimited liability for business debts and obligations.

Corporate Profits Tax

A tax levied on the earnings of corporations, usually calculated as a percentage of their net profits.

Individual Income Tax Returns

Documents filed by individuals to report income, claim deductions, and determine the amount of tax owed to or refundable by the government.

Corporate Profits Tax

A tax imposed on the net income of a corporation, calculated after operational and capital expenses have been deducted.