Which of the following describes the process of post-closing trial balance?

The process of a post-closing trial balance involves preparing a statement after all closing entries have been made in the accounting cycle. This compilation ensures that all temporary accounts—such as revenues and expenses—have been closed and their balances are brought to zero, allowing the company to begin the new accounting period with a clean slate. The post-closing trial balance helps to verify that all debits and credits are equal, ensuring the accuracy of the ledger after the closing entries are processed.

In this context, it serves as a final check that no errors have occurred during the closing process, providing reassurance that the company's financial records are in balance before moving forward. This balance specifically reflects the permanent accounts such as assets, liabilities, and equity because temporary accounts are reset to zero in this phase.

The other options do not depict the essence of the post-closing trial balance. For instance, a report of assets and liabilities would describe a balance sheet rather than a post-closing trial balance specifically. An internal document for tracking income and expenses more accurately describes an income statement or similar financial tracking documents. An ongoing record of transactions relates to the general ledger or journals used throughout the accounting period, rather than representing the situation once all the closing entries have been executed.