Accountıng I Deneme Sınavı Sorusu #1313748
Which accounts go on the Post Closing Trial Balance?
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The post-closing trial balance contains only revenue accounts. |
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The post-closing trial balance contains only expense accounts. |
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The post-closing trial balance contains no revenue, expense, gain, loss, or summary account balances, since these temporary accounts have already been closed and their balances moved into the retained earnings account as part of the closing process. |
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The post-closing trial balance contains only income summary. |
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The post-closing trial balance contains only liabilities and Capital accounts and assets. |
After closing of revenue accounts, expense accounts and Income Summary account, it is time to prepare post-closing trial balance as the ending step in the accounting cycle. Post-closing trial balance shows the accounts with only balances. As the revenue accounts, expense accounts and Income Summary accounts were closed, it means that they have no balances.
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