Final answer:
None of the statements provided correctly describe the purpose of a post-closing trial balance. The purpose is to confirm that all temporary accounts have been closed and the general ledger is in balance for the new accounting period. The correct statement is actually not listed among the options provided.
Step-by-step explanation:
The statements that describe the purpose of a post-closing trial balance are:
- Verify the accuracy of financial statements — This is not correct; the purpose of a post-closing trial balance is to verify that debits equal credits after closing entries are made.
- Determine the net income for the period — This is not correct; net income is determined before preparing the post-closing trial balance, during the creation of the income statement.
- Identify adjusting entries — This is not correct; adjusting entries are identified and recorded before preparing the post-closing trial balance.
- Record closing entries — This is not correct either; closing entries are recorded before preparing the post-closing trial balance and its purpose is to ensure these entries are recorded correctly by checking the balance of all temporary accounts.
The correct statement is actually not listed among the options provided. The purpose of a post-closing trial balance is to ensure that all temporary accounts have been closed and to confirm the ledger is in balance for the start of the next accounting period.
The correct statement is actually not listed among the options provided.