A trial balance that balances is useful

Assignment Help Managerial Accounting
Reference no: EM131221072

A trial balance that balances is useful because it indicates with certainty that:

A. All entries into accounts during the period were made correctly.

B. All accounts have normal balances.

C. Total debits in the general ledger equal total credits.

D. All of the above.

Reference no: EM131221072

Questions Cloud

Prepare journal entries for payroll and payroll taxes : Payroll and Payroll Taxes The payroll of the Rand Company on December 31 of the current year is as follows: 1) Total Payroll, $500,000 2) Payroll in excess of $100,000 to each employee, $350,000 3) Payroll in excess of $7,000 to each employee, $400,0..
Equity income should investor report in its income statement : An investor owns 35% of the outstanding common stock of an investee company. The Equity Investment was reported at $400,000 as of the end of the previous year. During the year, the investee pays dividends of $40,000 to the investor. How much equity i..
Affect stockholders equity : Which of the following does not affect stockholders’ equity?
Accounts receivable from customers involves : Recording the collection of accounts receivable from customers involves: Which of the following financial statements is a period statement?
A trial balance that balances is useful : A trial balance that balances is useful because it indicates with certainty that:
Transaction on the current year accounting equation : Aashish Company had a transaction that caused a $40,000 decrease in both assets and liabilities. This transaction could have been a(n): A company received a $24,000 payment for services to be performed over the next few months. What would the effect ..
Liabilities will be assumed at book value : Partnership Formation Hanna Hark and Jamie Rice are watch repairmen who want to form a partnership and open a jewelry store. An attorney prepares their partnership agreement, which indicates that assets invested in the partnership will be recorded at..
What is the current ratio and working capital : A company had liabilities of $69,300 at April 30. The current ratio at that date was 1.7. Assume that management paid $12,7000 of accounts payable on April 29. What is the current ratio and working capital at April 30 as if the April 29 payment was n..
Errors causes an overstatement of net income : An accrual of wages expense would produce what effect on the balance sheet? Which one of the following errors causes an overstatement of net income?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Harold is a pharmaceutical sales manager with ipsys the

harold is a pharmaceutical sales manager with ipsys. the company produces generic versions of pharmaceuticals that have

  What do you think was the motivation for cubbies cable

What do you think was the motivation for Cubbies Cable in taking the position to expense all cable costs during the nine months ended September 20, 2010? Would you characterize the position asan attempt to manage earnings?

  Does this imply that the company should not sell them

The profit per peeler in part a is negative. Does this imply that the company should not sell them?

  Determine the cost of goods 4 the month of may

Compare the amount of overhead cost that would have been apply to each project durning the month of may and determine the cost of goods 4 the month of may

  Operating leverage-margin of safety-cost behavior

Describe how a 3 percent decline in sales at Home Depot could cause the 21 percent decline in profits. What accounting concept was involved, how were the many major types of costs incurred by Home Depot likely affected by decline in its sales

  Prepare the sales production and direct materials budgets

Ash Creek Company is preparing its master budget for 2014. Relevant data pertaining to its sales, production, and direct materials budgets are as follows. Prepare the sales, production, and direct materials budgets by quarters for 2014

  The following calendar year end information

The following calendar year  end information is taken from the December 31, 2013, adjusted trial balance and other records of DeLeon Company.

  Prepare interim financial statements for the first quarter

Otingo Equipment Co. wants to prepare interim financial statements for the first quarter.

  What amount of indirect costs would be assigned

What amount of indirect costs would be assigned if services to a client required $25,000 of attorney cost and $20,000 of paraprofessional cost?

  Value of abandonment option

High Roller Properties is considering building a new casino at a cost of $10 million at t = 0. What is the value (in thousands) of this abandonment option?

  Standard cost and actual cost

Phoenix Manufacturers makes blank computer disks. It takes one-eighth of a pound of direct materials and one minute of direct labor at standard per disk. Direct materials cost $2.60 per pound at standard, and the standard direct labor rate is $6.0..

  Defintion and application of opportunity cost

Define opportunity cost and explain why it an important factor to consider in financial analysis. Cite an example in which it is not possible to measure exactly the opportunity cost of an alternative. Is it possible to measure exactly the opportun..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd