ACC 290 Week 2 DQ4
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This 0 page Study Guide was uploaded by an elite notetaker on Monday November 9, 2015. The Study Guide belongs to fin571 at Kaplan University taught by in Fall 2015. Since its upload, it has received 37 views.
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Date Created: 11/09/15
Week 2 DQ4 When is the trial balance prepared What does the trial balance tell you What does the trial balance not tell you How would you explain the purpose of the adjusted trial balance The trial balance is prepared when the ledger accounts have been balanced at the end of the specific accounting period Debits are listed on the left side of the T and credits are listed on the right Both sides of the trail balance must balance The trail balance tells me that the debits left and the credits right match or that they balance The trail balance also might identify errors that could have been made When posting and journalizing The trail balance is also a precursor to preparing financial statements The trail balance does not tell you that ledger is correct Some transactions may not have been posted been posted repeatedly amounts could be incorrect or some posts may be incorrect amounts therefore inaccuracy can occur and not be realized The purpose of the adjusted trail balance is to make sure that the total amount of debit left balances in the general ledger equals the total amount of credit right balances After the accounting period is closed adjustments are made to the general ledger accounts over a specific time period therefore re ecting on the adjusted trial balance References A verkamp HE 2011 Accounting basics Accounting Coach LLC Retrieved from httpbIOgaccountingcoachcomdebtratio Kimmel P D Weygandt J J amp Kieso D E 2011 Financial accounting Tools for business decision making 6th ed Hoboken NJ John Wiley amp Sons
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