The Post-Closing Trial Balance Is a List of All Accounts

question 74

True/False

The post-closing trial balance is a list of all accounts and their balances at a particular date after the account balances have been updated for closing entries.

---

Definitions:

Put Option Contracts

Financial contracts allowing the holder to sell an asset at a specified price within a fixed time period.

Lbs

An abbreviation for pounds, a unit of weight commonly used in the United States and the British imperial system; not directly a financial term unless related to commodities trading.

Coffee Futures

Financial contracts obligating the buyer to purchase coffee, and the seller to sell coffee, at a predetermined future date and price.

Pounds

A unit of mass commonly used in the British imperial and United States customary systems, equivalent to 0.453592 kilograms.