Which of the following statements regarding a trial balance is incorrect? a. A trial balance is...
Which of the following statements regarding a trial balance is incorrect?
| a. |
A trial balance is a list of all of the open accounts in the ledger with their balances as of a given date. |
|
| b. |
A trial balance is a test of the equality of debits and credits in the ledger. |
|
| c. |
A trial balance helps to identify the period in which an error has been made. |
|
| d. |
A trial balance provides a convenient list of the accounts that can be used in preparing the financial statements. |
|
| e. |
A trial balance proves that no error of any kind has been made in the accounting for the activities of a period. |
Homework Answers
If wrong entry are passed with same amount in debit and credit, trail balance still agrees.
A trial balance proves that no error of any kind has been made in the accounting for the activities of a period is incorrect.
Option e.
D. A trial balance provides a convenient list of the accounts that can be used in preparing the financial statements.
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Which of the following statements regarding a trial balance is
incorrect?
a.
A trial balance is...
Which statement is incorrect concerning the adjusted trial balance?
Which statement is incorrect concerning the adjusted trial balance? An adjusted trial balance proves the equality of the total debit balances and the total credit balances in the ledger after all adjustments are made. The adjusted trial balance provides the primary basis for the preparation of financial statements. The adjusted trial balance lists the account balances in order of their magnitude. The adjusted trial balance is prepared after the adjusting entries have been journalized and posted.
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be...
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be safe during this COVID-19 period. 2020. QUESTION 1 Financial accounting information likely to be used for all of the following types of decisions except: a. deciding whether to add a new product line. b.determining whether the net earnings last year were satisfactory. c. deciding whether dividends should be increased. d.deciding whether a potential customer should be allowed to purchase goods on a credit basis....
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that...
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger. b. A trial balance is a list of all the accounts in the ledger with their current balances. O c. A trial balance reports the financial position of a business. O d. A trial balance may be prepared at...
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the...
An adjusted trial balance A) Is prepared after the financial statements are completed B) Proves the equality of the total debit balances and total credit balances of ledger accounts after all adjustments have been made. C) is a required financial statement under generally accepted accounting principles. D) cannot be used to prepare financial statements.
plz solve all the questions ed Jane Doe has prepared the trial balance for Braven Corp....
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
Which of the following statements about the unadjusted trial balance is not correct?
Which of the following statements about the unadjusted trial balance is not correct? You can assume that no errors were made In the recording of transactions if total debits equal total credits on the unadjusted trial balance A trial balance shows the ending balances obtained from the ledger Isted in either the debit or credit column. A trial balance lists every account name in one column, usually, in the order of assets, liabilities, stockholders' equity, revenues, and expenses A trial balance is an internal...
Which of the following best describes a trial balance? a. It is a financial statement that...
Which of the following best describes a trial balance? a. It is a financial statement that can be used in place of the income statement. b. It is a numerical list of all accounts used by a company. c. It is a required financial statement. d. It is a tool used to prove the equality of debits and credits in the general ledger.
Which of the following statements are true? Multiple Choice If the trial balance is in balance,...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
13.Which of the following statements about an adjusted trial balance is not correct? A It is...
13.Which of the following statements about an adjusted trial balance is not correct? A It is prepared at the beginning of the year. B It is used to prepare financial statements. C It is prepared to ensure that total debits equals total credits D It is prepared after the adjusting journal entries have been made.
which of the following statements about the unadjusted trial balance is correct Module 1 Exam: Part...
which of the following statements about the unadjusted trial
balance is correct
Module 1 Exam: Part 2 (Multiple Choice) 0 Help Which of the following statements about the unadjusted trial balance is correct? Multiple Choice L Atrial balance its every account name in one column, usually in the order of assets, liabilities, stockholders equity revenues and expenses You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted the...
Thank you for answering this question. Question 1, 2, 4 and 5. Thank again and be safe during this COVID-19 period. 2020. QUESTION 1 Financial accounting information likely to be used for all of the following types of decisions except: a. deciding whether to add a new product line. b.determining whether the net earnings last year were satisfactory. c. deciding whether dividends should be increased. d.deciding whether a potential customer should be allowed to purchase goods on a credit basis....
Which statement relating to a trial balance is incorrect? Select one: O a. The fact that the sum of the debit column equals the sum of the credit column does not guarantee that no errors have been made in the ledger. b. A trial balance is a list of all the accounts in the ledger with their current balances. O c. A trial balance reports the financial position of a business. O d. A trial balance may be prepared at...
plz solve all the questions
ed Jane Doe has prepared the trial balance for Braven Corp. Total debits are $25,678 while total credits are $30,034. Which of the following errors has Jane likely made? of stion Select one: O a journal entry is posted twice O a correct journal entry is not posted posted a debit as a credit e a transaction error Which of the following is incorrect? Select one: O A trial balance lists balances at a specific...
Which of the following statements are true? Multiple Choice If the trial balance is in balance, it proves that no errors have been made in recording and posting transactions The trial balance is a book of original entry. The trial balance is another name for the balance sheet as long as debits balance with credits. Another name for trial balance is chart of accounts. The trial balance is a list of all accounts from the ledger with their balances at...
which of the following statements about the unadjusted trial
balance is correct
Module 1 Exam: Part 2 (Multiple Choice) 0 Help Which of the following statements about the unadjusted trial balance is correct? Multiple Choice L Atrial balance its every account name in one column, usually in the order of assets, liabilities, stockholders equity revenues and expenses You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted the...
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