Which of the following statements about the unadjusted trial balance is correct?
A. A trial balance shows the ending balances obtained from the ledger listed in either the asset or liability column.
B. You can assume that no errors were made in the recording of transactions if total debits equal total credits on the unadjusted trial balance.
C. A trial balance is an external report used to determine whether total assets equal total liabilities.
D. A trial balance lists every account name in one column, usually in the order of assets, liabilities, stockholders' equity, revenues and expenses.
Answer: D
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Indicate whether the statement is true or false
Ritzer argues that all aspects of our world are being rationalized through McDonaldization via four major mechanisms. One of those is the process of ‘Control’, which of the following is an example such a mechanism?
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Under the UCC, a merchant is a person who is
a. a regular dealer in the sale of goods involved in the sales contract. b. especially knowledgeable about goods involved in the sales contract. c. a commercial expert. d. all of these.
One liability on a property and liability insurance company's balance sheet is for the costs associated with settling and paying reserved claims. This liability is the
A) pre-paid expense reserve. B) loss reserve. C) unearned premium reserve. D) loss adjustment expense reserve.