WebbExpert Answer. Option C is correct. Explanation: Post closing Trial Bal …. The purpose of the post-closing trial balance is a. to verify that the financial statements are prepared. O b. to verify that the ledger is in balance at the beginning of the next period. Oc to verify that the end-of-period spreadsheet is in balance. O d. WebbClosing, or clearing the balances, means returning the account to a zero balance. Having a zero balance in these accounts is important so a company can compare performance …
Post-Closing Trial Balance Entries & Examples - Study.com
WebbIts purpose is to test the equality between debits and credits after closing entries are prepared and posted. The post-closing trial balance contains real accounts only since all … Webb17 juli 2024 · A post-closing trial balance is a listing of all balance sheet accounts containing non-zero balances at the end of a reporting period. The post-closing trial … how hard is the rhia exam
Trial Balance: Definition, How It Works, Purpose, and …
WebbOne purpose is to verify that total debits equal total credits for all temporary accounts. One purpose is to verify that all permanent accounts have zero balances. One purpose is to confirm that if debits equal credits then no errors in journalizing and positing occurred during the period. Webb9 sep. 2024 · Purpose of preparing post-closing trial balance is to ensure that books of account have been closed appropriately. Post-closing trial balance helps to identify any errors made while posting closing entries. Accountants usually check the following two characteristics of post-closing trial balance before jumping on to the next accounting … Webb13 mars 2024 · A trial balance is a report that lists the balances of all general ledger accounts of a company at a certain point in time. The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. It is primarily used to identify the balance of debits and ... highest rated face cleanser