Which of the following is the postclosing trial balance not designed to verify? Multiple Choice that the expense accounts have zero balances that the drawing accounts have zero balances that the capital accounts have zero balances that total debits equal total credits

Which of the following is the postclosing trial balance not designed to verify? Multiple Choice that the expense accounts have zero balances that the drawing accounts have zero balances that the capital accounts have zero balances that total debits equal total credits

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Which of the following is the postclosing trial balance not designed to verify?

Multiple Choice

that the expense accounts have zero balances
that the drawing accounts have zero balances
that the capital accounts have zero balances
that total debits equal total credits

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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