The Post-Closing Trial Balance Contains Only

question 6

Multiple Choice

The post-closing trial balance contains only:

• A) balance sheet accounts.
• B) temporary accounts.
• C) income statement accounts.
• D) asset and equity accounts.

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Definitions:

Cash Dividends

Payments made by a corporation to its shareholders out of the company's current or retained earnings.

Beginning Balance

The amount of money in an account at the start of a new accounting period, carried over from the end of the previous period.

Ending Balance

The final amount in an account at the end of a reporting period after all debits and credits have been accounted for.

Minimum Legal Capital

The least amount of capital that must be raised through the issue of shares for a corporation to be legally established.