Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 4 - Accrual Accounting Concepts - Questions: 29

Answer

A post closing trial balance is a list of all permanent accounts, ant their balances after closing entries are made and posted in the respective accounts.

Work Step by Step

The purpose of this trial balance is to prove the equality of the permanent account balances that the company carries forward into the next accounting period.
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