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- Which of the following statements is false? Adjusting entries are necessary because timing differences exist between when a revenue or expense is recognized and cash is received or paid. Adjusting entries always affect at least one revenue or expense account and one asset or liability account. The cash account will always be affected by adjusting journal entries. Adjusting entries can be classified as either accruals or deferrals.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 statements about a trial balance is correct? Select one: All of these answer choices are correct. A trial balance proves the equality of the debits and credits in the ledger. A trial balance is typically prepared before adjusting entries are recorded. An adjusted trial balance provides a list of open accounts and their balances that are used in preparing financial statements.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.b. Revenue was recognized when a customer purchased agift card for future use.The following contains the various steps of the financial reporting process. Place these steps in the proper order and indicate whether each step is a function of the TPS, GLS, or FRS. Record transaction in special journal Make adjusting entries Capture the transaction Prepare the post-closing trial balance Prepare the adjusted trial balance Prepare the financial statements Journalize and post the adjusting entries Post to the subsidiary ledger Post to the general ledger Journalize and post the closing entries Prepare the unadjusted trial balance
- Which of the following statements related to the adjusted trial balance is INCORRECT? Select one: A. Financial statements can be prepared directly from the adjusted trial balance. B. It is prepared before adjusting entries have been made. C. It shows the adjusted balances of all accounts at the end of the accounting period. D. It proves the equality of the total debit balances and the total credit balances in the ledgers. 39. Ahmad Jelani Enterprise produces ladies’ veils using the brand name ‘Taqwa’, which are specially designed for local market. The main fabrics are imported from Laos. Details of the product costing for the past 3 months are as follow: Quantity produced 3,000 units Actual fabrics price RM2.80/meter Standard fabrics price RM2.50/meter Actual quantity used 5.3 meters/unit Standard quantity used 5 meters/unit Actual labour rate RM4.50/hour Standard labour rate RM4.00/hour Actual…Which of the following statements is not correct? Multiple Choice All of the above statements are correct. After the financial statements have been prepared, the adjustments are made a permanent part of the accounting records. Adjustments are recorded in the general journal as adjusting journal entries and are posted to the general ledger. All adjustments are shown on the worksheet.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
- When do you prepare the Adjusted Trial Balance? After the Adjusted trial balance has been prepared, are we sure that the balances are free from errors? Can we prepare the financial statements directly from these balances? How?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.Which of the following statements regarding adjusting entries is false? Group of answer choices A. Adjustments are needed to ensure that the accounting system reflects all revenues and expenses that occurred during the period. B. Adjusting entries always affect the cash account. C. The two major categories of adjusting entries are accruals and deferrals. D. Adjusting entries generally include one balance sheet account and one income statement account.
