The main reason for preparing a post-closing trial balance is to:
A) determine if any closing entries have been missed.
B) determine if any adjusting entries have been missed.
C) confirm that the ledger is in balance at the start of the new accounting period.
D) prepare the financial reports.

Question

Quizplus · Accepted Answer

The main purpose of preparing a post-closing trial balance is to ensure that the ledger accounts are balanced at the beginning of the new accounting period, after all closing entries have been made. This helps to verify that all temporary accounts have been closed and the permanent accounts are ready for the next period's transactions.

The Main Reason for Preparing a Post-Closing Trial Balance Is