Customarily a trial balance is prepared a at the end of each day b after each

Customarily a trial balance is prepared a at the end

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168.Customarily, a trial balance is prepareda.at the end of each day.b.after each journal entry is posted.c.at the end of an accounting period.d.only at the inception of the business.Ans: C, LO: 3, Bloom: K, Difficulty: Easy, Min: 1, AACSB: None, AICPA BB: Legal/Regulatory Perspective, AICPA FC: Reporting, AICPA PC: None, IMA:Reporting169.A trial balance proves170.Which of the following errors, each considered individually, would cause the trial balanceto be out of balance?171.An adjusted trial balance:FOR INSTRUCTOR USE ONLYD-27
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Test Bank for Survey of Accounting, First Edition172.Which of the statements below is nottrue?a.An adjusted trial balance should show ledger account balances.b.An adjusted trial balance can be used to prepare financial statements.c.An adjusted trial balance proves the mathematical equality of debits and credits inthe ledger.d.An adjusted trial balance is prepared before all transactions have been journalized.Ans: D, LO 4, BT: K, Difficulty: Easy, TOT: 1 min., AACSB: Analytic, AICPA BB: None, AICPA FC: Measurement, AICPA PC: Problem Solving, IMA: Busi-ness Economics
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