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5) All of the following statements about the post-closing trial balance are correct except it contains only permanent accounts. shows that the accounting equation is in balance. provides evidence that the journalizing and posting of closing entries have been properly completed. proves that all transactions have be en recorded 6) IFRS requires the use of neither balance sheet nor statement of financial position, but recommends use of the term balance sheet. the term statement of financial position. neither balance sheet nor statement of financial position, but recommends use of the term statement of financial position. the term balance sheet. 7) Under IFRS and under GAAP, current assets are listed in IFRS GAAP reverse order of liquidity reverse order of liquidity reverse order of liquidity order of liquidity order of liquidity reverse order of liquidity order of liquidity order of liquidity 8) post-closing trial balance should be prepared after closing entries are posted to the ledger accounts. before adjusting entries are posted to the ledger accounts.