f the post-closing trial balance does not balance, then the error(s) definitely occurred at some point during the closing process. True or False?
Q: Which of the following statements about the post-closing trial balance is true? a. The…
A: Following is the answer to the given question
Q: Which of the following errors will not affect the Trial balance? a. Wrong balancing of an account b.…
A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…
Q: What kinds of errors would cause difference in the trial balance. Also listexamples that would not…
A: Generally, errors such as not posting properly, only posting half of the journal entry in the ledger…
Q: If the two totals of a trial balance are equal, does it mean that there are no errors in the…
A: The Agreement of trial balance menas the arithematical accuracy of books. But is does not always…
Q: fter closing entries have been posted, the temporary accounts will have zero balances. Select one:…
A: Solution: Closing entries are those entries which are made to close the temporary accounts of the…
Q: 1 The temporary accounts will have zero balances in a post-closing trial balance. True or…
A: Temporary accounts are accounts that are only limited to a particular year or period and are…
Q: If you are looking at an unadjusted trial balance and dollar amounts are present for GL accounts,…
A: Unadjusted trail balance: Account that shows the balances of all ledger accounts at end of a…
Q: What are the main differences between the adjusting entries and the closing entries?
A: Adjusting entries are prepared at the end of the accounting period in order to ensure that all the…
Q: If the two totals of a trial balance are equal, does it mean that there are no errors in the…
A: The trial balance reflects all the journal entries made in the general ledger during the accounting…
Q: Even if the post-closing trial Q1:balance balances, there is no guarantee that the closing of the…
A: Trail balance sheet is a list of all general ledger account, trail balance check mathematical error…
Q: Which of the following errors cannot be detected by the trial balance? a. Incorrect accounts were…
A: The trial balance shows the summarised items with the debit or credit balance. It is the effect of…
Q: The following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial…
A: Post-closing trial balance summarizes the list of permanent account balances.
Q: Posting errors are identified in the following table. In column (1), enter the amount of the…
A: Errors in posting refer to those that are done while recording the journal entries in books and the…
Q: Explain how each of the following posting errors affects a trial balance. State whether the trial…
A: (a). If $900 is credited to service revenue instead of unearned revenue then it would…
Q: A post-closing trial balance is prepared to test the equality of the general ledger after all…
A: Post-closing trial balance: Post-closing trial balance is the list of accounts and their balances…
Q: Which of the following is NOT the objective of preparing a trial balance? O a. To help in preparing…
A: Trial balance is summary of all general ledger account balances as on a particular date. It shows…
Q: What is the difference between a pre-closing and post-closing trial balance? O a. Pre-closing…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: A trial balance, when it is not in balance, proves A. Some transactions missing from the ledger.…
A: Solution: A trial balance, when it is not in balance, proves "Mathematical inequality of debits and…
Q: The unadjusted trial balance is prepared a.prior to posting the journal entries. b.only if errors…
A: Lets understand the basics. Stage 1:- At the first stage journal entry is made. Stage 2:- After that…
Q: What should the closing balance be when the errors have been corrected? A $325,200 B $350,400 C…
A: Ledger account refers to the principal book or a file that maintains the recording and total…
Q: Instructions: Encircle the corresponding number if the statement is TRUE and mark X to the number…
A: Answer 1: True Answer 2: True Answer 3: True Answer 4: False Answer 5: True Answer 6:…
Q: The trial balance is a proof about the following accuracies except one: O a. That there are no other…
A: Trial balance is prepared with a view to ensure the arithmetic accuracy of account balances of the…
Q: The purpose of the post-closing trial balance is to: Show that all debits are equal to the credits…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: If a discovered accounting error is a counterbalancing error that has already corrected itself no…
A: Rectification entry means where some error has been done in past and we need to rectify that errors.
Q: If the trial balance agrees, it implies that:(a) There is no error in the books.(b) There may be two…
A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…
Q: Which of the following statements will not result in the trial balance being unequal?
A: There are several different types of errors in accounting. Accounting errors are usually…
Q: Closing entries a.must be journalized and posted b.need not be journalized if adjusting entries are…
A: Solution: Closing entries "need not be posted if the financial statements are prepared from the…
Q: Would unearned Revenue be included in post closing trial balance?
A: Unearned Revenue is the amount received from customers without rendering services. It is like an…
Q: 41. Which of the following statements is correct regarding the post-closing trial balance? * A. It…
A: Post Adjustment Trail Balance showing both the statement of financial position and the income…
Q: The post-closing trial balance will generally have fewer accounts than the trial balance. True False
A: The post-closing trial balance is prepared after closing the revenue and expense accounts. So all…
Q: If an error is not detected in spite of all efforts and trial balance does not agree then what…
A: The trial balance is prepared by posting debit and credit balance from the ledger accounts.
Q: The purpose of the post-closing trial balance is to * prove that no mistakes were made. prove the…
A: A post closing trial balance is the trial balance that contains a company's closing entries for an…
Q: what would happen to the balance sheet's accounts if the adjusting entries are omitted
A: Financial statements are prepared to determine the profitability status of one business.
Q: Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account…
A: We have the following question: Which error cannot be revealed on the preparation of the trial…
Q: For a sole trader, which accounts are generally involved in closing entries? Why are these accounts…
A: A sole trader, often known as a sole proprietorship, is a straightforward business form in which one…
Q: What is the difference between adjusting entries and closing entries?
A: Adjusting entries are the journal entries passed at the end of period to adjust the revenues and…
Q: A trial balance that contains real accounts only is: a. an interim trial balance…
A: Trial balance is the list of accounts of a business with their respective balances.
Q: The purpose of the post-closing trial balance is to: O a. Prove the equality of the temporary…
A: The post-closing trial balance is prepared after all the adjustment entries and closing entries.…
Q: Even though a trial balance reveals that the debits equal the credits, there may still be errors in…
A: Even though debits and credits are having equal values in Trial balance, still we can see errors in…
Q: A closing entry would never include a: O debit to a revenue account and a credit to Income Summary.…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: The closing process was done incorrectly if the following account is shown on the post-closing trial…
A: In the closing process, all the temporary accounts are closed and the balance transferred to the…
Q: Which of the follovwing errors cannot be detected by the trial balance? a Incorrect accounts were…
A: Trial balance: Trial balance is a record drafted after completing the posting of all the journal…
Q: ____________ is a mistake or error committed by an accountant during the process of recording and…
A: The process by which all the transactions are being reported in the accounting books is known as…
Q: Post-Closing Trial Balance
A: Post-closing trial balance is a trial balance in which the temporary accounts are closed and the…
Q: What is the difference between adjusting entries and correcting entries? a. Both adjusting entries…
A: Adjusting entries: Adjusting entries are the accounting journal entries that converts the…
Q: If the two totals in a trial balance are equal, does that automatically mean there are no errors in…
A: A trial balance shows the compilation of all ledger balances into the debit and credit side.
Q: Journalizing and posting closing entries must be completed before financial statements can be…
A: The financial statements of the business includes the income statement and balance sheet of the…
If the post-closing
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- The post-closing trial balance will generally have fewer accounts than the trial balance. True FalseWhich of the following errors will not affect the Trial balance? a. Wrong balancing of an account b. Wrong totaling of an account c. Omitting one aspect of account d. Omitting two aspect of accountThe following Post-Closing Trial Balance contains errors. Prepare a corrected Post-Closing Trial Balance:
- If the two totals in a trial balance are equal, does that automatically mean there are no errors in the accounting cycle? Why or why not?If an error is not detected in spite of all efforts and trial balance does not agree then what measure will be taken for the agreement of a trial balance? Should opened a rectification account Should opened an error account Should opened a compensation account Should opened a suspense accountWhich error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account Compensatory Errors Error of Commission Wrong Balancing of an account
- Explain why the ledger can still contain errors even through the trial balance is in balance. Give examples of two such types of errorsA post-closing trial balance is prepared to test the equality of the general ledger after all adjusting and closing entries have been posted. True or False?What is a suspense account? Is it necessary that is suspense account will balance off after rectification of the errors detected by the accountant? If not, then what happens to the balance still remaining in suspense account?
- For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.Please answer with reason for all why the option is correct and why the other options are incorrect 52.Which error cannot be revealed on the preparation of trial balance? A.Wrong balancing of an account B.Compensatory errors C. Error of commission D.Wrong totalling of accountWhich of the following errors will cause the trial balance totals to be unequal? A. posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted B. recording the same transaction more than once C. recording the same erroneous amount for both the debit and the credit parts of a transaction
