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Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281

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BuyFindarrow_forward

Intermediate Accounting: Reporting...

3rd Edition
James M. Wahlen + 2 others
ISBN: 9781337788281
Textbook Problem
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What is the difference between a trial balance and an adjusted trial balance? Why are both useful?

To determine

Explain the difference between a trial balance and an adjusted trial balance, and describe its usefulness.

Explanation

Financial statements: Financial statements are condensed summary of transactions communicated in the form of reports for the purpose of decision making.

Difference between a trial balance and an adjusted trial balance and its usefulness:

Trial balance is a summary of all the ledger accounts balances presented in a tabular form with two column, debit and credit. It helps to check the mathematical accuracy of the ledger postings...

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