Asked by julia James on May 30, 2024
Verified
The financial statements are prepared from the unadjusted trial balance.
Unadjusted Trial Balance
A financial report that lists all accounts and their balances before adjustments, used to ensure debits equal credits.
- Describe the effect that proper and improper adjustments have on the accuracy and fullness of financial accounts.
Verified Answer
AF
amira foudaJun 01, 2024
Final Answer :
False
Explanation :
The financial statements are prepared from the adjusted trial balance, not the unadjusted one. The adjusting entries are made to correct errors and update accounts before creating the financial statements.
Learning Objectives
- Describe the effect that proper and improper adjustments have on the accuracy and fullness of financial accounts.