Which of These Is Not a Purpose of a Post-Closing

question 3

Multiple Choice

Which of these is not a purpose of a post-closing trial balance?

• A) Determining how much profit the entity has made.
• B) Testing for the equality of debits and credits in the general ledger.
• C) Making sure the ledger is correct as the starting point for the next financial period.
• D) Checking that all the revenue and expense accounts have been closed-off.

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Definitions:

Commons Dilemma

A situation in which individuals’ short-term selfish interests are at odds with long-term group benefits, leading to potential resource depletion.

Common Law

Common Law is a legal system based on judicial decisions and precedents rather than written laws or statutes.

Dismissed

A legal term referring to a court's decision to terminate a case without further hearing, either for lack of grounds or upon resolution before trial.

Cause

The reason or motive behind an action or situation, often examined in legal contexts to establish causality or justification.