Answered: Under International Financial Reporting…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 8TP: Analyze Trusty Companys trial balance and the additional information provided to determine the...

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Question

Choose true or false for the following statements:

1. Under International Financial Reporting Standards (IFRS) the cash-basis of accounting requires companies to record transactions in the period in which the events occur.

a. True

b. False

2. Adjusting entries are not necessary if the trial balance debit and credit columns balances are equal

a. True

b. False

3. An adjusting entry always involves two statement of financial position accounts.

a. True

b. False

4. Adjusting entries are recorded in the general journal but are not posted to the accounts in the general ledger

a. True

b. False

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