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Chapter 2 Recording Business Transactions




Question;6) The trial balance is an internal;document used only by employees of the company.;7) A trial balance summarizes a ledger by;listing all the accounts with their balances at a point in time.;8) Data from a trial balance is used to;prepare the three basic financial statements.;9) The trial balance is one of the three;basic financial statements that are issued to external stakeholders of the;business.;10) The trial balance summarizes the;balances of assets, liabilities, and equity.;11) Which of the following is a financial;statement that presents a business's accounting equation?;A) chart of accounts;B) trial balance;C) income statement;D) balance sheet


Paper#55127 | Written in 18-Jul-2015

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