Why does the post-closing trial balance contain only balance sheet accounts?
Question:
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 58% (17 reviews)
All the income statement or temporary accounts and the ...View the full answer
Answered By
Raunak Agarwal
Teaching is my hobby and now my profession. I teach students of CA and CFA(USA) in batches of 100 students and have a 5 year experience.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Principles of Accounting
ISBN: 978-1133626985
12th edition
Authors: Belverd E. Needles, Marian Powers and Susan V. Crosson
Question Posted:
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Accounting questions
-
Prepare the Post Closing Trial Balance by considering all balances as normal. An accountant prepared the following post-closing trial balance: Rhombic Repairs Co. Post-Closing Trial Balance March 31,...
-
The post closing trial balance of Baher & Maher Partnership and Amin & Yasin partnership follows: Baher & Maher Amin & Yasin Trial Balance Trial Balance Dr. (S) | Cr. (S) Dr. (S) | Cr. (S) Cash...
-
Why may a trial balance not contain up-to-date and complete financial information?
-
A process has an in-control fraction nonconforming of p = 0.01. The sample size is n = 300. What is the probability of detecting a shift to an out-of-control fraction nonconforming of p = 0.05 on the...
-
Refer to Exercise 13.5. a. Suppose that the relationship between E(y) and x is a straight line. What would you know about the value of b2? b. Do the data provide sufficient evidence to indicate...
-
Smart Stream Inc. uses the product cost concept of applying the cost-plus approach to product pricing. The costs of producing and selling 10,000 cellular phones are as follows: Smart Stream desires a...
-
Define the gage factor of a strain gage.
-
Stenback Pro Company managers received the following incomplete performance report: Requirement 1. Complete the performance report. Identify the employee group that may deserve praise and the group...
-
Does the private security employee still have the equivalent power of a private citizen? Should they? Why or why not
-
After you performed a GET request on the Space X API and convert the response to a dataframe using pd.json_normalize. What year is located in the first row in the column static_fire_date_utc?
-
Could closing entries be made without using the Income Summary account?
-
Why are reversing entries helpful?
-
Two forces of magnitude 30 newtons (N) and 70 N act on an object at angles of 45 and 120 with the positive x-axis, as shown in the figure. Find the direction and magnitude of the resultant force;...
-
Given the following Venn diagram and the boolean variables, apples, oranges, and bananas, which expression most closely represents the filled-in region of the diagram? apples oranges bananas A....
-
Fill in the blanks: A class that defines an instance variable with the same name as a variable in the parent class is referred to as ___________________ a variable, while a class that defines a...
-
Fill in the blank with the line of code that allows the program to compile and print 10 at runtime. A. Whisper.d.getVolume() B. d.Whisper.getVolume() C. Whisper.super.getVolume() D....
-
Which of the following declarations does not compile? A. double num1, int num2 B. int num1, num2; C. int num1, num2 = 0; D. E. F. = 0; int num1 = 0, num2 = 0; All of the above None of the above
-
Which of the following are valid comments in Java? (Choose three.) A. /****** TODO */ B. # Fix this bug later C. 'Error closing pod bay doors D. / Invalid record / E. * Page not found */ // IGNORE ME...
-
Why in most locations are the landforms produced by the weathering of sandstone so different than those produced by the weathering of limestone? Under what conditions would you expect these two to...
-
Solve for the equilibria of the following discrete-time dynamical systems Pr pt+1 = Pr+2.0(I-Pr)
-
You are working for a small company that has developed an electric scooter that is lower cost, lighter, and has longer battery range than most existing electric scooters on the market. What...
-
Turnbow Company, a telecommunications equipment company, has used the LIFO method adjusted for lower of cost or market for a number of years. Due to falling prices of its equipment, it has had to...
-
During its first year or operation, Dj vu Company purchased 5,600 units of a product at $21 per unit. During the second year, it purchased 6,000 units of the same product at $24 per unit. During the...
-
Olivias Dress Shop had net retail sales of $125,000 during the current year. The following additional information was obtained from the companys accounting records: 1. Using the retail method,...
-
Mrs. Sam Taffer was a brilliant engineer at IBM and made a lot of money from stock options. Since then, she has worked as a musician and raised her two sons. She wishes to have most of her property...
-
Miller Company ended its fiscal year on June 30, 2017. The company's adjusted trial balance as of the end of its fiscal year is shown below. MILLER COMPANY Adjusted Trial Balance June 30, 2017...
-
What depreciation method is used to write off property, plant and equipment? Regarding the triple bottom line, what information did the company disclose about environmental matters in the reports?...
Study smarter with the SolutionInn App