If the sum of the debits and credits in a trial balance is not equal, then
a. there is no concern because the two amounts are not meant to be equal.
b. the chart of accounts also does not balance.
c. it is safe to proceed with the preparation of financial statements.
d. most likely an error was made in posting journal entries to the general ledger or in preparing the trial balance.
d
You might also like to view...
Which of the following businesses can use the cash method? I.Hateris Group is a partnership with three equal partners, of which one is Hillard Corporation. Average revenues for Hateris Group, a financial planning firm, over the last three years are $4,000,000.II.Glidder Corporation, a clothing retailer, whose average annual sales over the last three years are $35,000,000?
A. Only statement I is correct. B. Only statement II is correct. C. Both statements are correct. D. Neither statement is correct.
Employees who convert direct materials into a product or who provide a service to customers are classified as direct labor
Indicate whether the statement is true or false
Which of the following is NOT a method to acquire control of a company?
a. Buy stock from the shareholders through a tender offer b. Buy the company's assets c. Make an initial public offering d. Merge with the company
Able, a resident of New York, has a dispute with Baker, a resident of Illinois, involving a contract signed and performed in New York. His damages amount to $50,000, and he wants to sue. The case can be brought:
a. in the New York state courts. b. in the New York federal court. c. only in the Illinois state courts. d. in either the New York state courts or the New York federal court.