Asked by Carolyn Lemon-Lewis on May 20, 2024
Verified
Asset and liability balances are transferred from the adjusted trial balance to the income statement.
Adjusted Trial Balance
A version of the trial balance that reflects account balances after adjustments, serving as the basis for preparing financial statements.
- Recognize the importance of the adjusted trial balance in preparing financial statements.
Verified Answer
T-
TooMuch - Of A - YoungGodMay 25, 2024
Final Answer :
False
Explanation :
Asset and liability balances are not transferred to the income statement; only revenue and expense balances are transferred.
Learning Objectives
- Recognize the importance of the adjusted trial balance in preparing financial statements.