Which of the following accounts is(are) listed in a post-closing trial balance?

A) Prepaid Rent.

B) Accounts Payable.

C) Salaries Expense.

D) Two of these three accounts would be included in a post-closing trial balance.

Answer: D

Which of the following statements is true regarding the post-closing trial balance?

A) The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements.

B) The post-closing trial balance is a report prepared before the adjustments and the financial statements to prove that debits equal credits.

C) The post-closing trial balance is an internal report prepared as the last step in the accounting cycle.

D) The post-closing trial balance proves that all entries have been made correctly and accurately during the accounting period.

Answer: C

Occupational fraud:

A) Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources.

B) Occurs in only a few organizations and generally involves minor amounts.

C) Will be prevented when companies employ an auditor.

D) Is committed only by lower-level employees.

Answer: Is the use of one's occupation for personal enrichment through the deliberate misuse or misapplication of the employer's resources.