![RayQuan115](/avatars/19915.jpg)
RayQuan115
02.07.2021 •
Business
Review the following statements and determine which is (are) correct regarding an adjusted trial balance and how it is used In preparing financial statements. (Check all that apply.) Multiple select question. The adjusted trial balance includes all accounts and balances appearing in financial statements. The ending Retained Earnings account balance on the balance sheet is taken directly from the adjusted trial balance. Financial statements are easier to prepare using the adjusted trial balance than the general ledger. The balance sheet is the first financial statement prepared. The ending Retained Earnings account balance on the balance sheet is transferred from the statement of retained earnings. The income statement is the first financial statement prepared after preparing the adjusted trial balance.
Solved
Show answers
More tips
- F Food and Cooking The Health Benefits of Flaxseed oil...
- S Style and Beauty Why is Sugaring Better than Waxing for Hair Removal?...
- W Work and Career Where can you learn to be a flight attendant?...
- G Goods and services How to Properly Calculate the Power of Your Air Conditioner?...
- F Food and Cooking Effective Methods to Organize Videos in your iPad According to Content...
- F Family and Home Parquet or laminate, which is better?...
- L Leisure and Entertainment How to Properly Wind Fishing Line onto a Reel?...
- L Leisure and Entertainment How to Make a Paper Boat in Simple Steps...
- T Travel and tourism Maldives Adventures: What is the Best Season to Visit the Luxurious Beaches?...
- H Health and Medicine Kinesiology: What is it and How Does it Work?...
Answers on questions: Business
- B Business The auditor general from no of journal voucher is...
- B Business James chu purchased a home for $113,400. as a first-time homeowner, the bank only requires a 5% down payment. the rest is financed at 6.5% for 30 years. what is the amount...
- B Business Several years ago, Maurice and Maureen Morris, a married couple from Ohio, purchased a used piano at an auction sale for $500, and their daughter used the piano lessons. In...
- B Business How do you calculate a total including sales tax?...
- B Business Researchers use cameras to measure the paths people take when they shop in supermarkets. What kind of data collection is this? A. Observation B. Focus groups C. Surveys D....
- B Business Excel formulas enter appropriate formulas to calculate the September costs for each school supply. Your formulas must use cell references. Format the calculated values as Currency...
- S Social Studies Treu or false when work is done on an object, the object gains energy....
- M Mathematics You re studying how well students remember vocabulary after they stopstudying a new language. the first student you study remembers 95% of thefrench words she learned 3 months...
- E English When planning and crafting a speech, which rhetorical device can best be used to compare a modern situation with a well-known historical one? a. parallel structure b. allusion...
- M Mathematics Iam getting rid of points before i delete my account so here. (7-8y) x (-3y) + 3432 =...
Ответ:
The Correct Statements regarding an adjusted trial balance and its use in preparing financial statements are:
1. The adjusted trial balance includes all accounts and balances appearing in financial statements.
3. Financial statements are easier to prepare using the adjusted trial balance than the general ledger.
5. The ending Retained Earnings account balance on the balance sheet is transferred from the statement of retained earnings.
6. The income statement is the first financial statement prepared after preparing the adjusted trial balance.
Explanation:
a) The above answers leave the following incorrect statements about the adjusted trial balance:
2. The ending Retained Earnings account balance on the balance sheet is taken directly from the adjusted trial balance.
4. The balance sheet is the first financial statement prepared.
b) In conclusion, the adjusted trial balance, which lists the general ledger account balances, is compiled after considering period-end adjustment entries, in line with the accrual concept and the matching principles of generally accepted accounting principles.
Ответ: