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The primary source used in the preparation of the financial statements is the: a. Adjusted trial balance. b. Trial balance. c. Unadjusted trial balance. d. General trial balance

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 12DQ: Describe the effect on the financial statements when an adjustment is prepared that records (a)...

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Question

The primary source used in the preparation of the financial statements is the: a. Adjusted trial balance. b. Trial balance. c. Unadjusted trial balance. d. General trial balance.

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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