There is sufficient information on a post-closing trial balance to prepare an income statement.

Name: There is sufficient information on a post-closing trial balance to prepare an income statement.
Brand: Quizplus
Rating: 4.8 (37 reviews)

Question

Quizplus · Accepted Answer

A post-closing trial balance contains only balance sheet accounts (assets, liabilities, and equity) after closing entries are made, and does not include revenue, expense, or dividend accounts necessary for preparing an income statement.

There Is Sufficient Information on a Post-Closing Trial Balance to Prepare