Match the terms with the definitions.
-Prepared after posting the closing entries to prove the equality of the debit and credit balances in the general ledger accounts.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question

Quizplus · Accepted Answer

The post-closing trial balance is prepared after the closing entries are posted to ensure that the total debits equal the total credits in the general ledger accounts, indicating that the accounts are in balance for the start of the new accounting period.

Match the Terms with the Definitions