It is necessary to post the closing entries to the general ledger.
Correct Answer:
Verified
Q21: A post-closing trial balance should be prepared
Q42: All companies must use a calendar year
Q47: Any twelve-month accounting period adopted by a
Q48: The income summary account is also known
Q48: The accounting cycle begins with preparing an
Q53: The majority of businesses end their fiscal
Q53: The balances of the capital accounts from
Q56: Once an account has been closed for
Q64: The totals of the Adjusted Trial Balance
Q65: The trial balance may be listed on
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents