All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance.
b. provides evidence that the journalizing and posting of closing entries have been properly  completed.
c. contains only permanent accounts.
d. proves that all transactions have been recorded.
by

1 Answer

Answer :

d. proves that all transactions have been recorded.
by

Related questions

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Which of the following does an auditor least likely perform in assessing audit risk? a. Understand the economic substance of significant transactions completed by the client. b. Understand the entity and the industry in which it operates. c. Gather audit evidence in support of recorded transactions. d. Obtain an understanding of the client's system of internal contro

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Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements

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In a perpetual inventory system, a return of defective merchandise by a cash customer is recorded by crediting a. Accounts Payable and Cash. b. Merchandise Inventory and Cost of Goods Sold c. Purchases Returns and Allowances and Merchandise Inventory. d. .Cash and Cost of Goods Sold.

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Which of the following statements concerning analytical procedures is true? a. Analytical procedures are more efficient, but not more effective, than tests of details of transactions. b. Analytical procedures used as risk assessment procedures use data aggregated at a high level. c. Analytical procedures can replace tests of controls in gathering audit evidence to support the assessed level of control risk. d. Analytical procedures usually involve comparisons of ratios developed from recorded amounts with ratios developed by management

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the first step in the journalizing and posting process is to -General Knowledge

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