Question

Which statements about the unadjusted trial balance is not correct? A. An unadjusted trial balance is...

Which statements about the unadjusted trial balance is not correct?

A. An unadjusted trial balance is the same as a balance sheet.

B.An unadjusted trial balance can be prepared at any point in time.

C. An unadjusted trial balance lists all the accounts with their current balances.

D.An unadjusted trial balance can verify the equality of debits and credits.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Answer The Correct Option is (A) An unadjusted trial balance is the same as a balance sheet.

Explanations The above statement holds incorrect because unadjusted trial is not same asa balance

sheet, it is the listing of general ledger account balances at the end of a reporting period.

unadjusted Trial Balance are carrying balances which are before any adjusting entries are

made to balances for creating Financial statement.

sheet, it is the listing of general ledger account balances at the end of a reporting period.

unadjusted Trial Balance are carrying balances which are before any adjusting entries are

made to balances for creating Financial statement.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the statements below is NOT true? An adjusted trial balance proves the mathematical equality...
Which of the statements below is NOT true? An adjusted trial balance proves the mathematical equality of debits and credits in the ledger. An adjusted trial balance is prepared before all transactions have been journalized. An adjusted trial balance can be used to prepare financial statements. An adjusted trial balance should show ledger account balances. B) A furniture factory's employees work overtime to finish an order that is sold on February 28. The office sends a statement to the customer...
Which of the following statements about the income statement and balance sheet accounts is correct? Income...
Which of the following statements about the income statement and balance sheet accounts is correct? Income statement accounts are temporary accounts, while balance sheet accounts are permanent accounts. The balance sheet reports financial activities only for the current accounting period. The income statement reports the financial position of a company at a point in time. The income statement reports the cash received and paid during the period.
Which of the following is not a useful step in finding errors on the trial balance?...
Which of the following is not a useful step in finding errors on the trial balance? a.Determine the difference between debits and credits and look for the amount. b.Determine the difference between debits and credits, divide the amount by 2, and look for the amount. c.Determine the difference between debits and credits, divide the amount by 9, and if it divides evenly, look for a transposition or slide error. d.Determine the difference between debits and credits and change any account...
Which of the following statements is true? Multiple Choice The trial balance is a list of...
Which of the following statements is true? Multiple Choice The trial balance is a list of all the accounts in the journal A trial balance is only prepared at year end The trial balance is a list of the accounts in the general ledger Another name for the trial balance is the "chart of accounts" The trial balance is never used to prepare financial statements.
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31,...
Corrected Trial Balance The Colby Group has the following unadjusted trial balance as of August 31, 2019. The Colby Group Unadjusted Trial Balance August 31, 2019 Debit Balances Credit Balances Cash 18,680 Accounts Receivable 33,440 Supplies 4,390 Prepaid Insurance 4,730 Equipment 106,000 Notes Payable 44,100 Accounts Payable 9,490 Terry Colby, Capital 68,180 Terry Colby, Drawing 23,200 Fees Earned 350,100 Wages Expense 206,686 Rent Expense 40,900 Advertising Expense 17,200 Miscellaneous Expense 11,200 466,426 471,870 The debit and credit totals are not...
Which of the following statements about the financial statements is correct? The “change in cash” reported...
Which of the following statements about the financial statements is correct? The “change in cash” reported on the statement of cash flows is also reported on the statement of retained earnings. The statement of cash flows and income statement are for a period of time while the balance sheet is at a point in time. The statement of cash flows and income statement are at a point of time while the balance sheet is for a period of time. None...
Which of the following statements is correct? a) The balance sheet for a given year is...
Which of the following statements is correct? a) The balance sheet for a given year is designed to give us an idea of what happened to the firm during the course of the year. b) The balance sheet for a given year tells us how much money the company earned during that year. c) The difference between the total assets reported on the balance sheet and the liabilities reported on this statement tells us the current market value of the...
IV. The unadjusted trial balance for the general fund of the Coamo City at June 30,...
IV. The unadjusted trial balance for the general fund of the Coamo City at June 30, 2019 is as follows: Debits Accounts receivable $ 40,000 Cash 75,000 Due from agency fund 25,000 Encumbrances 60,000 Estimated revenues 975,000 Expenditures 750,000 Taxes receivable 250,000 Credits Allowance for doubtful accounts 5,000 Allowance for uncollectible taxes 50,000 Appropriations 785,000 Due to trust fund 40,000 Fund balance-unassigned 30,000 Encumbrances Outstanding 60,000 Revenues 990,000 Taxes received in advance 15,000 Vouchers payable 200,000 Supplies on hand at...
Which of the following statements about the lessee’s financial (accounting) statements is most correct? A Under...
Which of the following statements about the lessee’s financial (accounting) statements is most correct? A Under current guidelines, all leases are reported on the balance sheet. B Under current guidelines, no leases are reported on the balance sheet. C Under current guidelines, some leases are reported on the balance sheet. D Under proposed future guidelines, no leases are reported on the balance sheet. E Under proposed future guidelines, some leases are reported on the balance sheet.
Regarding the​ ledger, which of the following statements is​ incorrect? A. The ledger provides more detail...
Regarding the​ ledger, which of the following statements is​ incorrect? A. The ledger provides more detail than the chart of accounts. B. Companies use the ledger to fulfill the task of showing all of the increases and decreases in each account. C. Both the chart of accounts and the ledger list the account names and numbers of the business. D. Both the chart of accounts and the ledger provide the balance of each account at a specific point in time....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT