Question

Describe the nature and purpose of the adjusted trial balance.

Describe the nature and purpose of the adjusted trial balance.

Homework Answers

Answer #1
Nature of adjusted trial balance is to show the balances of all accounts including those accounts that are been adjusted at the end of the accounting period for adjustments needed like accrual of revenues and expenses, Adjustment of Prepaid expenses etc.
Purpose of adjusted trial balance will show the correct effect of all those financial transaction events that are happened during the entire accounting period including adjusted entries at end of accounting period.
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