A Post-Closing Trial Balance Provides

question 29

Multiple Choice

A post-closing trial balance provides:

• A) the starting point for the preparation of the financial reports.
• B) a list of out-of-balance accounts.
• C) a summary of the adjusting entries yet to be recorded.
• D) confirmation that the ledger is in balance at the start of the new accounting period.

---

Definitions:

Assets

Economic resources or valuable items owned by an individual or business, capable of being converted into cash.

Dissenting Shareholder

A shareholder who disagrees with a corporate decision and is granted certain rights, like the right to be bought out under specific conditions.

Appraisal Right

A dissenting shareholder’s right to have his or her shares appraised and to receive monetary compensation from the corporation for their value.

Shareholder Vote

An act where individuals or entities holding shares in a corporation participate in deciding on corporate matters through voting.