Which of the following statements about an adjusted trial balance is true?

Q: Are there any alternatives to the allowance method?

A: The alternative to the allowance method is the direct write-off method, under which bad debts are…

Q: Why or what are the reason or reasons that would cause the trial balance to be considered as…

A: Trial Balance - After transferring all the transactions into Ledgers Company closes the accounts and…

Q: DTA and DTL are DISCOUNTED and are presented as non-current items TRUE OR FALSE

A: Taxable income is net income calculated as per prevailing tax laws. Book income is the income…

Q: Payment must be probable in order for a compensated absence to be accrued. True False

A: The term "probable" is pivotal in the context of accruing liabilities, especially concerning…

Q: When are contingent fees allowed?

A:

Q: The adjusting entry to record a contingent liability requires a debit to a loss (or expense) account…

A: Contingent liability is a potential liability that arises as a result of past transactions but the…

Q: Please explaim  part B) and c?  how Ending imventory balance calculated for both part of questions

A: Ending inventory units are the number of units which are not sold during the year. It is Calculated…

Q: What is an unadjusted trial balance? An adjusted trial balance?

A: Definition:   A trial balance is a summary of all the ledger accounts. The trial balance is…

Q: What is the difference between a liability and an expense in accounting?

A: A company's future debt or obligation to a third party is known as a liability. This can include…

Q: What is the primary purpose of analyzing interest expense? Giventhis purpose, what primary…

A: Interest: Interest is the amount of interest paid on the issue price of the notes by the issuer at…

Q: Is it necessary that a trial balance be prepared periodically? What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: Is Unearned Revenue recorded in the Trial Balance?

A: Unearned revenue: Un-earned revenue is the term used to refer the revenues not yet earned but the…

Q: When is revenue recognized with respect to licenses?

A: In case of Licences, revenue is recognised in two ways depending on the type of transaction. If the…

Q: What are the methods of preparing trial balance?

A: Trial balance is the workbook that maintains all balances of ledgers in a particular period.  It is…

Q: Would a change from Completed Contract to Percentage of Completion be a change in accounting…

A: Change in accounting principle means that change in how financial information is calculated, while…

Q: What is a trial balance? To what does the term “balance” refer?

A:

Q: State the meaning of a trial balance?

A: Accounting Cycle: The accounting cycle refers to the entire process of recording the accounting…

Q: What types of fees and conditions are prohibited under RESPA?

A: Real Estate Settlement Procedures Act (RESPA)? The Real Estate Settlement Procedures Act, or RESPA,…

Q: Is it necessary that a trial balance be taken periodically?What purpose does it serve?

A: Trial balance: A trial balance is the list of all the ledger accounts. The trial balance is prepared…

Q: The purpose of adjustments is to?

A: In simple words, adjusting entries are the changes to the journal entries that are already made in…

Q: If the trial balance is balanced, are we certain that there are no errors in it? How so?

A: Trial balance is the statement which is prepared by an entity to check if the debits in the books…

Q: Overapplied FOH indicates that the applied FOH amount is greater than actual FOH amount. O True O…

A: FOH or factory overhead means the overhead incurred on the making of the goods. It is a product…

Q: What are “liability gains and losses,” and how are theyaccounted for?

A: Liability gains and losses arise from the unexpected increase or decrease in the value of projected…

Q: IASB requires the use of _____ as a measurement basis. a. historical cost b. not given c. current…

A: Introduction:- The International Accounting Standards Board (IASB) issued Framework for the…

Q: Discuss the methods of preparation  and the utility of a Trial balance

A: Trial balance: Trial balance is a summary of all the ledger account balances presented in a tabular…