Question

The post closing trial balance doesn't have expenses or revenues. It only has the ______ accounts.

Answer 1

The post closing trial balance only includes permanent accounts that are not closed at the end of the accounting period.

Step-by-step explanation:

The post-closing trial balance is a list of permanent accounts that are not closed at the end of an accounting period. These accounts include assets, liabilities, and the owner's equity. Expenses and revenues are temporary accounts that are closed at the end of the accounting period and their balances are transferred to the owner's equity account.

For example, the post closing trial balance may include accounts such as cash, accounts receivable, accounts payable, inventory, and retained earnings. It does not include accounts such as salaries expense, rent expense, sales revenue, or interest income.