Unadjusted Trial Balance Questions

Front

When $1,500 cash is received on account, what happens to Accounts Receivable and Cash?

Back

Accounts Receivable is decreased with a credit and Cash is increased with a debit.

Front

One benefit of the Unadjusted Trial Balance is that it allows the user to identify all errors that have been made during the period.

Back

False

Front

Which of the following does not represent one of the stages of the accounting cycle?
record journal entries,
unadjusted trial balance,
transaction reversals,
financial statements

Back

transaction reversals

Front

What must be ensured when preparing an unadjusted trial balance?

Back

Total debits equal the total credits

Front

What is the result of incorrect recording or posting in double-entry accounting?

Back

The trial balance will not balance

Front

Which of the following is NOT a step in the accounting cycle? Financial Statements, Adjusting Entries, Closing Entries, Balance Sheet Analysis

Back

Balance Sheet Analysis

Front

What is the trial balance?

Back

A report showing the closing balances of all general ledger accounts at a single point in time.

Front

What is the link between the trial balance and the balance sheet?

Back

The trial balance is used to create the balance sheet.

Front

What is included in the liabilities section of the balance sheet?

Back

Accounts payable and long term loans

Front

A schedule that shows the balances in all general ledger accounts prior to the posting of adjusting entries is the

Back

unadjusted trial balance