Asked by Duncan Jackman on May 20, 2024
Verified
Once the adjusted trial balance is in balance, the flow of accounts will now go into the financial statements.
Adjusted Trial Balance
The trial balance prepared after all the adjusting entries have been posted.
Financial Statements
Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.
- Gain insight into the procedural steps for the preparation of adjusted trial balances, financial statements, and the process of closing.
Verified Answer
DE
Donna ElizaldeMay 26, 2024
Final Answer :
True
Explanation :
Once the adjusted trial balance is in balance, the accounts will flow into the financial statements. This is because the adjusted trial balance contains all the accounts and balances after adjusting entries have been made, which then allows for the preparation of accurate financial statements.
Learning Objectives
- Gain insight into the procedural steps for the preparation of adjusted trial balances, financial statements, and the process of closing.
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