Question:
Which of the following statements about an adjusted trial balance is not correct?
(a) It is prepared at the beginning of the year
(b) It is used to prepare financial statements
(c) It is prepared to ensure that total debits equal total credits
(d) It is prepared after the adjusting journal entries have been made.
Accounting Cycle:
The accounting cycle is a complete process of preparing annual financial statements and closing the company's book. The accounting section usually identifies transactions, then records through journal entries, etc.
Answer and Explanation:1
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The correct answer is option (a) It is prepared at the beginning of the year.
The adjusted trial balance is the result of posting necessary adjusting...
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