Multiple Choice Question

Current assets are:

equipment and other assets that have a life greater than one year

cash and other resources that are expected to be sold, collected or used within one year

property, plant and equipment that are tangible and depreciated

difficult to convert to cash or other monetary assets

Multiple Select Question

Select all that apply

Select the statements below that describe the purpose of a post$-$closing trial balance.

One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period.

One purpose is to verify that total debits equal total credit for permanent accounts.

One purpose is to verify that all permanent accounts have zero balances.

One purpose is to verify that total debits equal total credits for all temporary accounts.

One purpose is to verify that all temporary accounts have zero balances.