The correct answer is False Question 5 Correct Mark 150 out of 150 Flag

The correct answer is false question 5 correct mark

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The correct answer is 'False'. Question 5 Correct Mark 1.50 out of 1.50 Flag question Question text (T/F) Financial statements can be prepared from the information provided by an adjusted trial balance. Select one: True False Feedback The correct answer is 'True'. Question 6 Correct Mark 1.50 out of 1.50 Flag question Question text (T / F) A journal contains a chronological record of the transactions of a business. "Journalizing" is the process of entering a transaction in a journal. Select one: True False Feedback Correct. The correct answer is 'True'. Question 7 Correct Mark 1.50 out of 1.50 Flag question Question text (T / F) If the trial balance has equal debit and credit totals, it cannot contain any errors. Select one: True False Feedback
Correct. An entire journal entry may not have been posted, or a debit or credit might have been posted to the wrong account. The correct answer is 'False'. Question 8 Correct Mark 1.50 out of 1.50 Flag question Question text (T / F) Credits decrease liability, stockholders' equity, and revenue accounts. Select one: True False Feedback Correct. Credits increase liability, stockholders' equity, and revenue accounts. The correct answer is 'False'. Question 9 Correct Mark 1.50 out of 1.50 Flag question Question text (T/F) If prepaid costs are initially recorded as an asset, no adjusting entries will be required in the future. Select one: True False Feedback The correct answer is 'False'. Question 10 Correct Mark 1.50 out of 1.50 Flag question Question text (T / F ) Closing entries are necessary to reduce the balances of revenue, expense, and Dividends accounts to zero so they are ready to receive data for the next accounting period. Select one: True False Feedback Correct. The correct answer is 'True'.

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