Which one of the following is not a reason for running a post-closing trial balance? Group of answer choicesIt is a check on the closing entries that have been posted.It is a check for any outstanding adjusting entries.It is a check on balances of the temporary accounts to make sure they are zero.It is a check on the balances of items the statement of financial position and the general ledger accounts.

The statement that is not a reason for running a post-closing trial balance is: "It is a check for any outstanding adjusting entries."

Here's why:

1. "It is a check on the closing entries that have been posted." - This is a reason for running a post-closing trial balance. The post-closing trial balance is used to verify that the total of all debit balances equals the total of all credit balances, which should be the case if all closing entries have been posted correctly.

2. "It is a check for any outstanding adjusting entries." - This is not a reason for running a post-closing trial balance. Adjusting entries are made before the closing entries and the preparation of the post-closing trial balance. Therefore, any outstanding adjusting entries should have been identified and dealt with before this stage.

3. "It is a check on balances of the temporary accounts to make sure they are zero." - This is a reason for running a post-closing trial balance. Temporary accounts (like revenue, expense, and dividend accounts) should have zero balances after closing entries have been made. The post-closing trial balance is used to confirm this.

4. "It is a check on the balances of items the statement of financial position and the general ledger accounts." - This is a reason for running a post-closing trial balance. The post-closing trial balance is used to verify that the balances of the permanent accounts (assets, liabilities, and equity) in the general ledger match the balances reported in the statement of financial position.

The statement that is not a reason for running a post-closing trial balance is: "It is a check for any outstanding adjusting entries."

Here's why:

1. "It is a check on the closing entries that have been posted." - This is a reason for running a post-closing trial balance. The post-closing trial balance is used to verify that the total of all debit balances equals the total of all credit balances, which should be the case if all closing entries have been posted correctly.

2. "It is a check for any outstanding adjusting entries." - This is not a reason for running a post-closing trial balance. Adjusting entries are made before the closing entries and the preparation of the post-closing trial balance. Therefore, any outstanding adjusting entries should have been identified and dealt with before this stage.

3. "It is a check on balances of the temporary accounts to make sure they are zero." - This is a reason for running a post-closing trial balance. Temporary accounts (like revenue, expense, and dividend accounts) should have zero balances after closing entries have been made. The post-closing trial balance is used to confirm this.

4. "It is a check on the balances of items the statement of financial position and the general ledger accounts." - This is a reason for running a post-closing trial balance. The post-closing trial balance is used to verify that the balances of the permanent accounts (assets, liabilities, and equity) in the general ledger match the balances reported in the statement of financial position.