Which of the following is not a principal purpose of an unadjusted trial balance?
a. It proves that debits and credits of equal amounts are in the ledger.
b. It is the basis for any adjustments to the account balances.
c. It supplies a listing of open accounts and their balances.
d. It proves that debits and credits were properly entered in the ledger accounts.
Answer: d. It proves that debits and credits were properly entered in the ledger accounts.
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Companies can make strategic planning more effective by:
a. ensuring the participation of top management. b. ensuring that decision making is centralized. c. making strategic planning an annual exercise. d. avoiding cross-functional teams.
An adjusting entry that debits Accounts Receivable is an example of a(n) ________
A) deferred expense B) accrued revenue C) accrued expense D) deferred revenue