You are watching: The purpose of the adjusted trial balance is to verify
The purpose of the adjusted trial balance is come verify a. The equality of the full debit balances and also the total credit balances ~ adjustments have actually been recorded. b. The equality that the full debit balances and also the complete credit balances before adjustments have been recorded. c. That the net revenue reported is accurate. d. The each individual account is correct.
After i m sorry of the adhering to errors would certainly the readjusted trial balance totals not agree? a. The adjustment for depreciation was omitted. b. A debit to accounts Receivable was inadvertently posted as a credit transaction to accounts Payable. c. A debit to account Receivable was inadvertently posted together a debit to account Payable. d. Offers were miscounted and changed for the not correct amount.
Which that the adhering to would not reason the readjusted trial balance totals to it is in unequal? a. The adjustment for accrued fees that $16,340 to be journalized as a debit to accounts Payable because that $16,430 and a credit transaction to Fees deserve of $16,340. b. The adjustment for depreciation that $3,545 to be journalized together debit to Depreciation price for $3,454 and a credit transaction to gathered Depreciation that $3,545. c. The adjustment because that prepaid insurance was omitted. d. None of these choices would not cause the adjusted trial balance totals to be unequal.
Because collecting the convey data requires time, the adjusting entries space oftena. Entered and also dated later than the critical day of the period.b. Gone into later however dated as of the last day that the period.c. Omitted.d. Estimated and recorded earlier than the critical day of the period.
Adjusting entries space dateda. In ~ the beginning of the bookkeeping period.b. At the finish of the bookkeeping period.c. Once an financial event occurs.d. Once cash is received.
If the adhering to adjusting entry is omitted, what result will it have on network income?Depreciation price 4,300 built up Depreciation 4,300a. Net earnings will be exaggeration by $4,300.b. Net revenue will it is in understated by $4,300.c. Net revenue will be exaggeration by $8,600.d. It will have no impact on network income
The publication value that an heritage isa. Expense of legacy + built up depreciation.b. Cost of asset + depreciation expense.c. Cost of legacy - collected depreciation.d. Price of legacy - depreciation expense
Examples of fixed assets includea. The devices owned through a agency and the employee trained to operate the equipment.b. Land, buildings, and patents.c. A building purchased as an investment property hosted for resale in the coming 6 months.d. Land, buildings, equipment.
Revenue is report on the income statement in the period earned. The bookkeeping concept supporting this reporting is thea. Adjusting concept.b. Earnings statement concept.c. Revenue recognition concept.d. Cash communication concept.
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All the the following are varieties of adjustments excepta. Prepaid expenses.b. Accrued expenses.c. Cash expenses.d. Accrued revenues.
Fundamentals of corporate Finance11th EditionBradford D. Jordan, Randolph W. Westerfield, Stephen A. Ross
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