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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following statement is correct relative to trial balance? A. The trial balance is usually contains the account balances that should appear in the financial statements B. The trial balance proves that no errors have been made C. The trial balance provides information that is helpful when making adjusting entries. D. The trial balance is a summary taken directly from the genral journal Which of the following statement is not correct as to why an entity must make adjusting entries? A. To prepare reliable income statement and statement of financial position B. To ensure that the revenue recognitionand expense recognition principles are followed C. To prepare for closing and reversing entries D. To account for accruals and deferrals

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