a) What does the Postclosing Trial Balance represent? What is included in it and why is...

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Accounting

a) What does the Postclosing Trial Balance represent? What isincluded in it and why is it important?
b) What are the temporary accounts and why are they closed eachperiod?
c) Describe the closing entries and prepare them in properform?
d) Identify the steps in the accounting cycle.

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a The post closing trial balance shows the ending balances that should be required to prepare the year end balance sheet It is included all the real accounts after excluding all the temporary accounts which are closed and it is important because it is the ending statement which shows the final balances of all the real accounts where based on those balances the year end balance sheet is prepared As balance sheet is one of the top most important statement which shows the financial position of a company till that period b All revenue accounts like sales See Answer

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