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.
Homework Answers
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Which of the following best describes a trial balance?
a. It is a financial statement that...
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...
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.
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.
General Journal General Ledger Trial Balance Income Statement St Owners Equity entry must keep the accounting...
General Journal General Ledger Trial Balance Income Statement St Owners Equity entry must keep the accounting equation in balance. Prepare the jour Company, entering the debits before the credits. Each transaction w Balance as soon as you click "Record Entry". tion list I entry worksheet @ @ 4 6 6 0 6 ..... 16 mber 4, Med Billing purchases $7,900 of supplies on credit from a - CalTech Supply. debits before credits. Account Title Credit Debit 7,900 Supplies Supplies expense...
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab....
The fiscal year-end unadjusted trial balance for Nelson Company is found on the trial balance tab. Rent expense and salaries expense are equally divided between selling activities and general and administrative activities. Nelson Company uses a perpetual inventory system. Descriptions of items that require adjusting entries on January 31, 2018, follow. Store supplies still available at fiscal year-end amount to $1,750. Expired insurance, an administrative expense, for the fiscal year is $1,400. Depreciation expense on store equipment, a selling expense,...
only the final answers plz 1. Which definition below best describes financial accounting? A. Process of...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Which of the following describes a general ledger? O The general ledger describes all liability accounts....
Which of the following describes a general ledger? O The general ledger describes all liability accounts. O The general ledger combines sales and expenses to determine the net income of a business. O The general ledger is a record of all transactions in alphabetical order O The general ledger is a record containing all accounts used by a company
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 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 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...
General Journal General Ledger Trial Balance Income Statement St Owners Equity entry must keep the accounting equation in balance. Prepare the jour Company, entering the debits before the credits. Each transaction w Balance as soon as you click "Record Entry". tion list I entry worksheet @ @ 4 6 6 0 6 ..... 16 mber 4, Med Billing purchases $7,900 of supplies on credit from a - CalTech Supply. debits before credits. Account Title Credit Debit 7,900 Supplies Supplies expense...
only the final answers plz
1. Which definition below best describes financial accounting? A. Process of measuring income taxes owed to the government. B. System of maintaining communication with a company's customers and suppliers. C. Procedures designed to enhance the company's image to potential investors. D. Measuring business activities and communicating them to external parties. 2. Liabilities can be best described as: A. The amount of expenses over the past year. B. The amount expected to be distributed to stockholders....
Which of the following describes a general ledger? O The general ledger describes all liability accounts. O The general ledger combines sales and expenses to determine the net income of a business. O The general ledger is a record of all transactions in alphabetical order O The general ledger is a record containing all accounts used by a company
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....
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