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Financial Accounting

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Post Closing Trial Balance: Description

FINACT-AXEYVD

Which of the following correctly describes the post-closing trial balance?

A

A list of balance sheet accounts that are permanent accounts whose balances are retained from one period to the next.

B

A list of income statement accounts that are permanent accounts whose balances are retained from one period to the next.

C

A list of income statement accounts that are temporary accounts whose balances are closed and equal zero at the end of each period.

D

A list of balance sheet accounts that are temporary accounts whose balances are closed and equal to zero at the end of each period.