is the postclosing trial balance not designed to verify

Q: of the adjusted trial balance?

A: Trial balance is prepared when debit balances are equal to credit balances and all balances so…

Q: A misstatement related to which of the following assertions means the dollar amount of the account…

A: Completeness represents that the financial statement of the company would be required to be…

Q: Which of the following errors will not affect the Trial balance? a. Wrong balancing of an account b.…

A: A trial balance's main function is to confirm that the entries in a firm's accounting system are…

Q: What kinds of errors would cause difference in the trial balance. Also listexamples that would not…

A: Generally, errors such as not posting properly, only posting half of the journal entry in the ledger…

Q: What is the difference between a ledger and a trial balance?

A: A Ledger Is Described Often, a ledger is referred to as a ledger book. Today, the roster and its…

Q: What is the purpose of the trial balance?

A: A trial balance is a bookkeeping worksheet in which the balance of all ledgers are compiled into…

Q: If an incorrect amount is journalized and posted to the accounts, how should the error be corrected?

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: When can a check be a negotiable instrument

A: In finance in general and in the world of banking, trade and commerce in particular checks and…

Q: how does the change in accounting of nonrecurring items?

A: Non Recurring items are the ones that do not occur frequently.

Q: why should the client represantion letter be prepared foreach examination?

A: SOLUTION  REPRESENTATION LETTER  IS A LETTER WRITTEN FROM THE ASSOCIATION TO ITS  ACCOUNTANT…

Q: Why does the accruals that involve internal transactions require adjusting entries?

A: Adjusting entries are internal transactions that update account balances in accordance with accrual…

Q: Identify which error will cause the trial balance to be out of balance.

A: Answer - A $340 cash receipt from a customer in payment of her account posted as a $340 debit to…

Q: Define Unadjusted trial balance.

A: The unadjusted trial balance is the listing of general ledger account balances at the end of a…

Q: If a payment of a deferred expense was recorded under the alternative treatment, what account would…

A: Deferred expensesAdvance payment for future expenses is called as prepaid expenses. These prepaid…

Q: Prepare the unadjusted trial balance

A: Unadjusted trial balance is the summary of all general ledger account balances of the business…

Q: Provide an example of why a trial balance may not balance.

A: Trial balance refers to the statement or the worksheet which balances of all the ledgers that are…

Q: What is the difference between adjusting entries and correcting entries?

A: Journal entries are the building blocks of accounting, which is the act of recording the economic or…

Q: 1. Determine any irregularity in the receivables of the entity 2. Explain/Compute how the…

A: Receivables are those accounts which the company have at the end of the year which will be received…

Q: Which of the following statements regarding the trial balance is most likely to be invalid? The…

A: 1. 4. The preparation of the trial balance creates a starting point for the preparation of the…

Q: What is an unadjusted trial balance? An adjusted trial balance?

A: Definition:   A trial balance is a summary of all the ledger accounts. The trial balance is…

Q: The unadjusted trial balance is prepared

A: The financial statement is the representation of the financial data of the company. It is used by…

Q: A transaction is not recorded by the accountant either wholly or partially in the books of accounts…

A: There are various errors that an accountant can commit while recording or posting financial…

Q: Why are adjusting entries and note disclosures labeled “proposed”?

A: Adjustment Entries: The entries are generally recorded prior to preparation of financial statements…

Q: Is the agreement of a  trial balance absolute proof of the accuracy of the books of accounts? If…

A: Meaning of Trial balanceA trial balance is a statement that shows the debit totals and credit…

Q: If the trial balance agrees, it implies that:(a) There is no error in the books.(b) There may be two…

A: Trial balance: Trial balance is a summary of all the ledger accounts balances presented in a tabular…

Q: What are the methods of preparing trial balance?

A: Trial balance is the workbook that maintains all balances of ledgers in a particular period.  It is…

Q: State the meaning of a trial balance?

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: What is the unadjusted trial balance?

A: Trial balance is the summary of all general ledger accounts being used in the business. It shows…

Q: How do you find the error of trial balance. Please explain to me in a easiest way to remember

A: Following are the steps that can be used to find out the errors in a trial balance: Step 1: Total…

Q: What are the steps taken by an accountant to locate the errors in the trial balance?

A: Trial Balance: It is a statement prepared by a company to check the debits and credit balances in…

Q: The date of the instrument is not necessary. When does its date become necessary?

A: An instrument is a device for transferring, holding, or accomplishing anything of worth. An…

Q: Which error cannot be revealed on the preparation of the trial balance? Wrong Totalling of account…

A: We have the following question: Which error cannot be revealed on the preparation of the trial…

Q: Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?

A: Adjusting entries means some entries which is to be paid at the end of specified period regarding…

Q: Which of the following is not an assertion relating to classes of transactions? Accuracy, Adequacy,…

A: Classes of transaction includes the transactions of the company which are grouped together for…

Q: Can a updated check be an negotiable instrument

A: Negotiable instrument refers to the instrument which guarantee the payment of particular amount that…

Q: f the post-closing trial balance does not balance, then the error(s) definitely occurred at some…

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: The collection of customer’s account is credited to accounts payable. What is the effect of the…

A: Following is the effect of the error in assets and liabilities of the entity.

Q: What is the major difference between the unadjusted trial balance and the adjusted trial balance?

A: Adjusted trial balance , as name suggest , is a trial balance which is made after the year end…