After the closing entries have been posted:
A) the temporary accounts are zeroed out.
B) the Capital account includes the current net profit or loss.
C) the post-closing trial balance is prepared.
D) All of these answers are correct.

Question

Quizplus · Accepted Answer

After the closing entries have been posted, temporary accounts (revenues, expenses, dividends, or withdrawals) are zeroed out, the Capital account is updated to include the current period's net profit or loss, and a post-closing trial balance is prepared to ensure that debits equal credits and to prepare the books for the next accounting period.

After the Closing Entries Have Been Posted