The purpose of the post-closing trial balance is to check the debits and the credits once the accountant passes the closing entries for the transaction. Companies often employ several accountants to manage their financial information and accounting reports. The accounts which collected information about revenue and expenses for the accounting period are temporary. Post-Closing Trial Balance Author: California School Finance Authority Subject: California School Finance Authority, Post-Closing Trial Balance as of 6/30/18 Keywords: fund,post-closing trial balance,report 8,fund,california school finance authority fund,glan,account title Created Date: 10/30/2019 10:06:53 AM The temporary accounts include 1) the income statement accounts consisting of revenue , expense , gain, and loss accounts, 2) the summary accounts, and 3) the few temporary balance sheet accounts such as the sole proprietor's drawing account or the corporation's … Definition: A post closing trial balance is a list of permanent accounts and their balances after closing entries have been journalized and recorded in the accounting system. Definition: A post closing trial balance is a list of permanent accounts and their balances after closing entries have been journalized and recorded in the accounting system. A post-closing trial balance is a listing of all balance sheet accounts containing non-zero balances at the end of a reporting period. a. post-closing trial balance. 4 6 8 4. TRUE The Income Summary account will appear on the post-closing trial balance. The Post Closing Trial Balance is prepared after the completion of adjusting and closing process. However, all the other accounts having non-negative balances are listed including the retained earnings account. TRUE The post-closing trial balance will have fewer accounts than the adjusted trial balance. Post-closing trial balance: once the closing entries are prepared and posted to the general ledger, another trial balance would be prepared to verify that the total dollar amount of debits in the general ledger equals the total dollar amount of credits. Median response time is 34 minutes and may be longer for new subjects. Also, it determines if there are any balances in the permanent accounts after passing the closing entries. A trial balance helps in understanding and verifying arithmetical accuracy. If you are not reading this article in your feed reader, then the site is guilty of copyright infringement. XPLAIND.com is a free educational website; of students, by students, and for students. Write the heading. At this point in the accounting cycle, all the temporary accounts have been closed and zeroed out to permanent accounts. But sometimes it’s useful to go through this process of creating the financial statements from a post closing trial balance just to see what those differences are, and to get a better understanding of those differences. Its purpose is to test the equality of debits and credits after the adjusting entries. 2 3. Assume that all accounts have normal balances and that the amounts shown are correct. Temporary accounts are reduced during the closing process, when closing entries are posted, leaving only permanent accounts that are displayed on the balance sheet. 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