1. Which of the following statement is correct relative to trial balance? A. The trial balance is usually contains the account balances that should appear in the financial statements B. The trial balance proves that no errors have been made C. The trial balance provides information that is helpful when making adjusting entries. D. The trial balance is a summary taken directly from the general journal

1. Which of the following statement is correct relative to trial balance? A. The trial balance is usually contains the account balances that should appear in the financial statements B. The trial balance proves that no errors have been made C. The trial balance provides information that is helpful when making adjusting entries. D. The trial balance is a summary taken directly from the general journal

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 16MC: What critical purpose does the adjusted trial balance serve? A. It proves that transactions have...

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What critical purpose does the adjusted trial balance serve? A. It proves that transactions have been posted correctly B. It is the source document from which to prepare the financial statements C. It shows the beginning balances of every account, to be used to start the new years records D. It proves that all journal entries have been made correctly.
Which of the following statements is incorrect concerning the adjusted trial balance? A. THE ADJUSTED TRIAL BALANCE IS PREPARED AFTER THE ADJUSTING ENTRIES HAVE BEEN JOURNALIZED AND POST B.THE ADJUSTED TRIAL BALANCE LIST THE ACCOUNT BALANCES SEGREGATED BY ASSETS AN LIABILITIES. C. AN ADJUSTED TRIAL BALANCE PROVES THE EQUALITY OF TGE TOTAL DEBIT BALANCES ANS THE TOTAL CREDIT BALANCE IN THE LEDGER AFTER ALL ADJUSTMENT ARE MADE. D. THE ADJUSTED TRIAL BALANCE PROVIDES THE PRIMARY BASIS FOR THE PREPARATIONOF FINANCIAL STATMENTS
Which of the following statement is correct relative to trial balance? A. The trial balance is usually contains the account balances that should appear in the financial statements B. The trial balance proves that no errors have been made C. The trial balance provides information that is helpful when making adjusting entries. D. The trial balance is a summary taken directly from the genral journal Which of the following statement is not correct as to why an entity must make adjusting entries? A. To prepare reliable income statement and statement of financial position B. To ensure that the revenue recognitionand expense recognition principles are followed C. To prepare for closing and reversing entries D. To account for accruals and deferrals
2. Which of the following is not correct about an unadjusted trial balance?A. It proves that debits and credits of equal amounts are in the ledger.B. It is the basis for any adjustments to the account balances.C. It proves that debits and credits w'ere properly entered in the ledger accountsD. It supplies a listing of open accounts and their balances.
7. Which is a logical order in the accounting cycle?A. Posting, financial statements and unadjusted trial balanceB. Closing entries, reversing entries and adjusting entriesC. Financial statements, closing entries and reversing entriesD. Financial statements, adjusting entries and recording
A. Discuss briefly how transactions are accounted for events after the reporting period.B. How do you make adjustments for a non-counter balancing error and does it affect the present financial statements?C. In case the books of accounts are not yet closed what financial statements account/accounts must be adjusted? Why?
For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
1. This deals with the determination of the fairness of the accountin reports and whther they are in accordance with the generally accepted accounting principles a. management accountingb. cost accounting.c. financial accountingd. auditing 2. which of the following journal entries can be eleminated?a. correcting entryb adjusting entryc. opening entryd. closing entry
Discuss the fact that your trial balance agree does not mean that there are no errors Explain accounting equation is the basis for the preparation of statement of financial position in accordance to IFRS statement presentation
Which of the following statements about the post-closing trial balance is true? a. The post-closing trial balance lists the same accounts and amounts as the trial balance; the post-closing trial balance is created later than the trial balance b. The capital account balance on the trial balance is the same as the capital account balance on the post-closing trial balance c. If the post-closing trial balance is in balance, then no journalizing or posting errors have been made. d. Like a trial balance, the post-closing trial balance lists all accounts with a non-zero balance.
Among these, which item is used as the base for preparing unadjusted trial balance? a. General Ledger b. Balance sheet c. Income statement d. General Journal
How many of the following statements regarding trial balances are true? The post-closing trial balance is used to prepare the financial statements. If debits equal credits in the unadjusted trial balance, no errors have been made in preparing and posting journal entries. More than one trial balance is prepared during the completion of the accounting cycle. Group of answer choices A. None B. One C. Two D. Three