QUESTION

16) Can financial statements be prepared directly from the adjusted trial balance? A. No, they cannot. The general led

Category: Business
Subject: Accounting
Due Date: 01/27/2016
Question Asked: 2016-01-27 17:54:17

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16) Can financial statements be prepared directly from the adjusted trial balance?

A. No, they cannot. The general ledger must be used.

B. Yes, adjusting entries have been recorded in the general journal and posted to the ledger

accounts.

C. No, the adjusted trial balance merely proves the equality of the total debit and total credit

balances in the ledger after adjustments are posted. It has no other purpose.

D. Yes, they can because that is the only reason that an adjusted trial balance is prepared.

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Posted on 2016-01-27 17:54:17

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...oves the equality of the total debit and total credit balances in the ledger after adjustments are po...

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