Answered: The accounts in the working trial…

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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s1: The accounts in the working trial balance are usually the summary accounts to appear in the financial statements and are not as detailed as the ordinary trial balance. s2: Lead schedules are working papers prepared to combine similar accounts for a summarized forwarding to the working trial balance. s3: Observation of physical inventories would be a relevant evidence as to inventory quantity but not the client's ownership of the items inventoried.

A. all statements are true

b. all statements are false

c. s1 and s2 are true

d. s1 and s3 are true

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