Which of the following should NOT be considered when comparing the Adjusted Trial Balance to the Post-Closing Trial Balance to ensure that no errors were made in the closing process?
A) Account balances above Retained Earnings are the same.
B) The account balances on each of the trial balances are the same.
C) Account balances below Retained Earnings are zero.
D) The Retained Earnings account balance on the post-closing trial balance matches Retained Earnings on the balance sheet.

Question

Quizplus · Accepted Answer

The Adjusted Trial Balance and the Post-Closing Trial Balance will not have the same account balances for all accounts because the Post-Closing Trial Balance only includes balance sheet accounts (after income statement accounts have been closed to Retained Earnings), whereas the Adjusted Trial Balance includes all accounts, including those that have been closed out.

Which of the Following Should NOT Be Considered When Comparing