Asked by Christelle Khoury on Jun 25, 2024
Verified
Balance sheet accounts
A) represent amounts accumulated during a specific period of time
B) are called real accounts
C) have zero balances after the closing entries have been posted
D) are not affected by adjustments
Balance Sheet Accounts
Accounts that reflect the assets, liabilities, and shareholders' equity of a company at a particular point in time.
Real Accounts
Accounts related to assets, liabilities, and equity that are not closed at the end of the accounting period, as opposed to nominal accounts.
Accumulated
The total amount collected or gathered over a period, often referring to earnings, benefits, or other financial measures.
- Comprehend the inclusion of specific accounts in the post-closing trial balance and their relevance.
Verified Answer
Learning Objectives
- Comprehend the inclusion of specific accounts in the post-closing trial balance and their relevance.
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