Which of the following statements regarding a post-closing trial balance is false?
A) Post-closing trial balances only contain permanent accounts.
B) Balances in a post-closing trial balance cannot be used to calculate current income.
C) Post-closing trial balances only contain temporary accounts.
D) A post-closing trial balance verifies that the total of the debit balances equals the total of the credit balances of all permanent accounts in the general ledger.
C
You might also like to view...
A major difference between the Financial Accounting Standards Board (FASB) and its predecessor, the Accounting Principles Board (APB), is
a. all members of the FASB serve full time, are paid a salary, and are independent of any public or private enterprises. b. over 50 percent of the members of the FASB are required to be Certified Public Accountants. c. the FASB issues exposure drafts of proposed standards. d. all members of the FASB possess experience in both public and corporate accounting.
Artificial intelligence (AI) research has been driven by the demand for applications that ________ such as ways to filter offense content.
A. are cheap B. use theories C. are useful for just one task D. solve practical problems E. cater to everyone
Contrast objective impossibility with commercial impracticability
The risk-return trade-off that investors face on a day-to-day basis is based on realized rates of
return because expected returns involve too much uncertainty. Indicate whether the statement is true or false