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Financial Accounting

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Effect of the Closing Process

FINACT-EFXTZJ

Your accountant generated an adjusted trial balance for you to review. However, it did not balance (i.e., the total of the debit amount was different from the total of the credit amount). He then stated, "Don't worry, it will be balanced after the closing process."

Is this statement correct?

A

Yes

B

No

C

Yes, if we also close all the asset accounts

D

None of the above