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Which a post-closing trial balance reports

Assignment Help Managerial Accounting
Reference no: EM132711583

Problem 1: A post-closing trial balance reports:

Multiple Choice

A. All permanent ledger accounts with balances.

B. All temporary ledger accounts with balances.

C. All temporary and permanent ledger accounts with balances.

D. Only revenue and expense accounts.

E. Only asset accounts.

Problem 2: Which of the following is not true?

Multiple Choice

A. Reversing entries are optional.

B. Reversing entries are recorded in response to accrued assets and accrued liabilities that were created by adjusting entries at the end of the previous accounting period.

C. Reversing entries are used to simplify a company's recordkeeping.

D. Reversing entries are dated the first day of the new accounting period.

E. Reversing entries should not be the exact opposite of previous period adjusting entries.

Reference no: EM132711583

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