Question: 1: What is the purpose of the Post-Closing Trial Balance?

2: What two steps in the accounting cycle is interpreting the financial statements? What is the purpose of examining the financial statements?

3: I just watch the video What-If Analysis by Curt Frye. Interesting videos on how to find different outcomes to a situation. It was a little confusing at first but I watched the video a couple of times and I think I understood the steps to find different scenarios. I also research what really means to what-if analysis and I found a good example of what a what-if analysis is and how to get to plug different scenarios. As I have said in the past, the information I am learning is not difficult but it required practice.

So, what-if analysis is a way for a business or person to plug in different scenarios and values to determine the possible outcomes. Using the what-if analysis tools goal seek, scenario manager, and data table can help you create, edit, and find different scenarios.

4: Careful recordkeeping is critical to all businesses, large and small. Why does matching these revenues and expenses within the same year matter so much?