Asked by Morgan Young on May 07, 2024
Verified
An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorded.
Unadjusted Trial Balance
A preliminary report of all accounts in the general ledger before any adjusting entries are made to ensure debits equal credits.
Adjustments
Journal entries made to correct or update accounting records and financial statements, often at the end of an accounting period.
- Understand the application of the adjusted trial balance in the preparation of financial statements and in supporting the closing procedure.
Verified Answer
VG
Victor GutierrezMay 09, 2024
Final Answer :
True
Explanation :
An unadjusted trial balance is a list of accounts and their balances that is prepared before any adjustments are made. It's purpose is to ensure that the total debits and credits in the accounting system are equal.
Learning Objectives
- Understand the application of the adjusted trial balance in the preparation of financial statements and in supporting the closing procedure.
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