What is the purpose of the post-closing trial balance

Assignment Help Accounting Basics

Reference no: EM133610329

Question 1. Identify the source of the information needed to prepare the income statement.

Question 2. Describe two approaches to listing the expenses in the income statement.

Question 3. Identify the sources of the information needed to prepare the statement of owner's equity.

Question 4. If additional investments were made during the year, what information in addition to the work sheet would be needed to prepare the statement of owner's equity?

Question 5. Identify the sources of the information needed to prepare the balance sheet.

Question 6. What is a permanent account? On which financial statement are permanent accounts recorded?

Question 7. Name three types of temporary accounts.

Question 8. List the four steps for closing the temporary accounts.

Question 9. Describe the net effect of the four closing entries on the balance of the owner's capital account. Where else is this same amount calculated?

Question 10. What is the purpose of the post-closing trial balance?

Question 11. List the ten steps in the accounting cycle.

Reference no: EM133610329

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