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.
Homework Answers
The option A is not correct it is prepared at the beginning of the year. Because.In our detailed accounting cycle, we just finished step 5 preparing adjusting journal entries. The next step is to post the adjusting journal entries. We will use the same method of posting (ledger card or T-accounts) we used for step 3 as we are just updating the balances. Remember, you do not change your journal entries for posting — if you debit in an entry you debit when you post. After we post the adjusting entries, it is necessary to check our work and prepare an adjusted trial balance.
Option A is not correct
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13.Which of the following statements about an adjusted trial
balance is not correct?
A It is...
503570032770252Fims.mneducatio Ch. 4 Saved Which of the following statements about an adjusted trial balance is correct?...
503570032770252Fims.mneducatio Ch. 4 Saved Which of the following statements about an adjusted trial balance is correct? Multiple Choice Debits should equal credits both before and after adjustments are made Debits will equal credits after adjustments are made but not necessarily before o Debits will equal credits before adjustments are made but not necessary after o Debits do not have to equal credits in the adjusted trial balance but they must be equal in the post closing tral balance Prey 1...
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.
What is the difference between an adjusted trial balance and an unadjusted trial balance?
What is the difference between an adjusted trial balance and an unadjusted trial balance? (Check all that apply.) The unadjusted trial balance is more up to date and should be used to prepare financial statements. The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.
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...
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.
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
my hilmiddleware%252 Quiz Submitted 2/10 Total points awar MC Qu. 4-211 Which of the following statements...
my hilmiddleware%252 Quiz Submitted 2/10 Total points awar MC Qu. 4-211 Which of the following statements about the... Which of the following statements about the post-closing trial balance is correct? Multiple Choice The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements. The post-closing trial balance is an internal report prepared at the end of the accounting cycle. The post-closing trial balance is a report prepared before the adjustments and the financial statements...
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...
the adjusted trial balance verifies the total debits equal total credits before the adjusting entries are...
the adjusted trial balance verifies the total debits equal total credits before the adjusting entries are prepared true or false
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...
503570032770252Fims.mneducatio Ch. 4 Saved Which of the following statements about an adjusted trial balance is correct? Multiple Choice Debits should equal credits both before and after adjustments are made Debits will equal credits after adjustments are made but not necessarily before o Debits will equal credits before adjustments are made but not necessary after o Debits do not have to equal credits in the adjusted trial balance but they must be equal in the post closing tral balance Prey 1...
References Knowledge Check 01 The adjusted trial balance is used to verify that total de Bts equal total credits after account balances have been updated to reflect adjusting entries. True or False True False Financial statements are typically prepared before completing the adjusted trial balance. True or False True False Knowledge Check 01 The adjusted trial balance for Willow Company as of December 31 is presented below. Credit Debit $ 15,000 22,000 165,000 Cash Accounts Receivable Land Accounts Payable Common...
my hilmiddleware%252 Quiz Submitted 2/10 Total points awar MC Qu. 4-211 Which of the following statements about the... Which of the following statements about the post-closing trial balance is correct? Multiple Choice The post-closing trial balance will be distributed to investors and other stakeholders along with the financial statements. The post-closing trial balance is an internal report prepared at the end of the accounting cycle. The post-closing trial balance is a report prepared before the adjustments and the financial statements...
which of the following statements about the unadjusted trial
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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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