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What is the purpose of the post closing trial balance

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Question -

Q1. What is the difference between current liabilities and long term liabilities?

Q2. The 3 statements - Income Statement, Statement of Owner's Equity and Balance Sheet - are interrelated. Something within the Income Statement affects the Statement of Owner's Equity and something within the Statement of Owner's Equity affects the Balance Sheet. What are these 2 items?

Q3. What is the purpose of the post closing trial balance?

Reference no: EM132988157

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