MC Qu. 133 Which of the following statements is true?
Which of the following statements is true? | Retained earnings must be closed each accounting period. |
| → | A post-closing trial balance should include only permanent accounts. |
| Information on the work sheet can be used in place of preparing financial statements. | |
| By using a work sheet to prepare adjusting entries, you need not post these entries to the ledger accounts | |
| Closing entries are only necessary if errors have been made. |
