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Post-Closing Trial Balance definitions

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  • Post-Closing Trial Balance
    A listing of only permanent accounts with balances after closing entries, serving as a starting point for the new fiscal year.
  • Permanent Accounts
    Accounts that carry balances into the next period, typically including assets, liabilities, and equity.
  • Balance Sheet
    A financial statement or listing that shows assets, liabilities, and equity at a specific point in time.
  • Adjusted Trial Balance
    A list of all accounts and their balances after adjustments, used as a basis for closing entries.
  • Closing Entries
    Journal entries made to transfer balances from temporary accounts to retained earnings at period end.
  • Revenue Accounts
    Temporary accounts that track income earned during a period and are reset to zero after closing.
  • Expense Accounts
    Temporary accounts that record costs incurred during a period and are cleared during closing.
  • Dividends
    Distributions of earnings to shareholders, recorded in a temporary account and closed to retained earnings.
  • Asset Accounts
    Permanent accounts representing resources owned by a company, remaining open after closing.
  • Liability Accounts
    Permanent accounts reflecting obligations owed to others, not affected by closing entries.
  • Equity Accounts
    Permanent accounts showing owners' claims on assets, including retained earnings and capital.
  • Retained Earnings
    Equity account reflecting accumulated net income minus dividends, updated by closing entries.
  • Income Summary
    A temporary account used to aggregate revenues and expenses before updating retained earnings.
  • Net Income
    The result of revenues minus expenses for a period, affecting retained earnings through closing.
  • Beginning Balance Retained Earnings
    The amount of retained earnings at the start of a period, used in calculating the ending balance.