A list of the accounts and their balances at the end of the period after journalizing and posting the closing entries and includes only permanent accounts is called ________.
A)chart of accounts
B)adjusted trial balance
C)post-closing trial balance
D)pre-closing balance sheet

Question

Quizplus · Accepted Answer

A post-closing trial balance contains the balances of only permanent accounts after the closing entries have been journalized and posted. Choice A (chart of accounts) is a list of all the accounts used by a business. Choice B (adjusted trial balance) includes both permanent and temporary accounts and is created before the closing entries are made. Choice D (pre-closing balance sheet) is not a commonly used term in accounting and is not related to the question.

A List of the Accounts and Their Balances at the End