The balance of the retained earnings account in the post-closing trial balance will be different from that of the adjusted trial balance. True or false?.

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12-09-2022
Business

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The balance of the retained earnings account in the post-closing trial balance will be different from that of the adjusted trial balance. True or false?.

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devikabalrajan devikabalrajan · Answer 1 · 2022-09-17T06:05:43-04:00

The balance of the retained earnings account in the post-closing trial balance will be different from that of the adjusted trial balance is a true statement.

What is trial balance?

Trial Balance is a list of closing balances of ledger accounts on a certain date and is the first step towards the preparation of financial statements. The debt balances are in one column and the other column consists of credit balances.It is usually prepared at the end of an accounting period to assist in the drafting of financial statements.

It is prepared at various stages in an accounting cycle.

A company is supposed to prepare their trial balance periodically,which is usually at the end of reporting period.

The major purpose o the trial balance is to ensure whether the entries are mathematically correct in a company's book keeping system

To learn more about trial balance, refer

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