Asked by sachdeva prince on May 01, 2024
Verified
The trial balance prepared after all the closing entries have been posted is called a pre-closing trial balance.
Pre-closing Trial Balance
A listing of all active ledger accounts and their balances after adjusting entries are made but before closing entries, to verify the equality of debits and credits.
Closing Entries
Closing entries are journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts and prepare the company's books for the next period.
- Recognize the sequential steps in the accounting cycle.
Verified Answer
Learning Objectives
- Recognize the sequential steps in the accounting cycle.
Related questions
The Last Step of the Accounting Cycle Is to Prepare ...
Journalizing and Posting Closing Entries Must Be Completed Before Financial ...
The Final Step in the Accounting Cycle Is ...
During the End-Of-Period Processing, Which of the Following Best Describes ...
The Accounting Cycle Requires Three Trial Balances Be Done ...