A trial balance is a(n)
A. optional financial statement used only by creditors.
B. tool used to prove the equality of debits and credits in the general ledger.
C. list of accounts and their balances taken from the chart of accounts.
D. financial statement which can be used in place of a balance sheet.
Answer: B
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Who are our customers? What are our major products or services? In what geographic areas do we compete?" A good _____ will answer these questions.
A. vision statement B. code of ethics C. mission statement D. value pact E. management belief statement
A company fails to record one storeroom full of inventory in its year-end inventory records. As a result, this will cause:
a. an overstatement of cost of goods sold for the current year. b. an overstatement of inventory on the year-end balance sheet. c. an overstatement of retained earnings at the end of the year. d. an understatement of gross profit in the following year.
The budget's primary function is to keep track of your income and expenditures
Indicate whether the statement is true or false.
A study of team identification found that the highest performing teams:
a. had high team identification b. had high positive affect c. surprisingly, high team identification did not influence performance, although it did influence commitment d. both “a” and “b”