Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.

Which of the following is NOT the correct about Trial Balance? Select one: O A. All debit balances are listed in the debit column, while the credit balances are listed in the credit column of the trial balance. O B. A trial balance is a statement prepared based on the balance from the accounts in the ledger at the end of an accounting period. O C. Trial balance is a financial statement which reports the balances of all types of accounts after the adjusting entries are being recorded. O D. Trial Balance is prepared at the end of the accounting period in order to check the accuracy of calculation, to verify the accuracy of double entries and its posting, and to prepare financial statements.

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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Select the best answer for the 12. One of the primary purposes of preparing a trial balance is to OA. rearrange the accounts in alphabetical order OB. determine that the total dollar amount of the deplis equals the total dollar amount of the credits. OC. ensure that the number of accounts with debit balances is equal to the number of accounts with credit balances. OD. prepare the accounts for posting to the ledge Mark for review (Will be highlighted on the review page >
True or False After posting a transaction, the new balance in an account can be seen in the general ledger.
A revenue account is closed by debiting Income Summary and crediting Service Revenue. True or False
Which of the following comes first in worksheet preparation? A. Compute profit or loss as the difference between total revenues and total expenses on the income statement. B. Enter the account balances in the unadjusted trial balance columns and total the amounts. C. Compute each account’s adjusted balance by combining the trial balance and adjustment figures. D. Enter the adjusting entries in the adjustment columns and total the amounts.
Which of the following is not a required step during the accounting cycle? O a. Transactions are posted to the ledger. Ob. A post-closing trial balance is prepared. Oc. An unadjusted trial balance is prepared. Od. An end-of-period spreadsheet is prepared.
The normal balance of an account is on the Debit side of the account Side represented by increase in the account balance Side represented by decrease in the account balance O Credit side of the account with explanation please
For each of the following situations, indicate whether itrepresents an accounting error and explain why it is or isnot an error. Also state whether a trial balance would indicate that an error exists for each situation.d. The debit side of a journal entry was recorded in theaccounts, but the credit side was not.
Randomly listed below are the steps for preparing a trial balance: (1) Verify that the total of the Debit column equals the total of the Credit column. (2) List the accounts from the ledger and enter their debit or credit balance in the Debit or Credit column of the trial balance. (3) List the name of the company, the title of the trial balance, and the date the trial balance is prepared. (4) Total the Debit and Credit columns of the trial balance. a.(2), (3), (4), (1) b.(4), (3), (2), (1) c.(3), (2), (4), (1) d.(3), (2), (1), (4)
2. Which of the following is not correct about an unadjusted trial balance?A. It proves that debits and credits of equal amounts are in the ledger.B. It is the basis for any adjustments to the account balances.C. It proves that debits and credits w'ere properly entered in the ledger accountsD. It supplies a listing of open accounts and their balances.
Identify the type of account (Asset, Liability, Equity, Revenue, Expense), normal balance (Debit, Credit), financial statement (Balance Sheet, Income Statement), and whether the account is closed at the end of the period (Yes, No) by selecting the letter that best describes those attributes. If an account is a contra or adjunct account, the answer will show the account type in parentheses. Answer items may be used once, more than once, or not at all. Retained Earnings 1. Equity, Credit, Balance Sheet, No 2. Freight-Out Liability, Credit, Balance Sheet, No V Loss on Impairment of Intangible Assets 3. Expense, Debit, Income Statement, Yes 4. Gain on Acquisition of Business (Equity), Debit, Balance Sheet, No 5. Amortization of Copyrights Asset, Debit, Income Statement, Yes Allowance for Doubtful Accounts 6. Expense or Loss, Credit, Income Statement, Yes Land 7. Revenue or Gain, Credit, Income Statement, Yes Federal Income Tax Withheld 8. (Revenue or Gain), Debit, Income Statement, Yes…