Describe about post-closing trial balance, Accounting Basics

Assignment Help:

Q. Describe about post-closing trial balance?

A post-closing trial balance is trial balances taken subsequent to the closing entries have been posted. The only accounts that must be open are liabilities, assets and capital stock and Retained Earnings accounts. List every account balances in the debit and credit columns and total them to make sure debits and credits are equal.

The amounts in the post-closing trial balance are as of the ledger after the closing entries have been posted. The subsequently section briefly describes the evolution of accounting systems from the one-journal to one-ledger manual system you have been studying to computerized systems. After that we discuss the role of an accounting system.


Related Discussions:- Describe about post-closing trial balance

Please explain i''m so lost chandler ltd., Please explain I'm so lost ...

Please explain I'm so lost Chandler Ltd. estimates sales for the second quarter of 2014 will be as follows. Month Units April 2,550 May 2,475 June 2,390 The t

Preference shares, how to account for the preference shares held by the inv...

how to account for the preference shares held by the investor

Accounting policies for credit losses, Because of the large number of accou...

Because of the large number of accounting scandals that involved misclassification on the balance sheet, FASB has paid particular attention to classification of cash and receivable

Explain the accounting concepts, Question 1 Write a short note on the foll...

Question 1 Write a short note on the following with example a. Activating budgets b. Reversing journals c. Memorandum vouchers d. Optional vouchers e. Creating Bill of Materials

hfc ltd’s shareholders, HOME Finance Company Limited made an after-tax pro...

HOME Finance Company Limited made an after-tax profit of $3.172 million for the year ended June 30, 2008. Chairman James Datta said this was a milestone for the company, with a

Submitted assignment, I submitted an assignment this morning and have heard...

I submitted an assignment this morning and have heard nothing back

Over time , What if the public holiday falls on a rest day? how to pay and ...

What if the public holiday falls on a rest day? how to pay and which one is?

Example of adjustments for deferred items, Q. Example of Adjustments for de...

Q. Example of Adjustments for deferred items? A real physical inventory a count of the supplies on hand at the end of the month showed only USD 900 of supplies on hand. Therefo

What is acounts receivable ledger, What is ACOUNTS RECEIVABLE LEDGER Bu...

What is ACOUNTS RECEIVABLE LEDGER Businesses have several customers and individual businesses aren't assigned an account number they are just in alphabetical order. Accounts

ACCOUNTING CONCEPT, What is the implication of applying accounting concepts...

What is the implication of applying accounting concepts wrongly?

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd