Which of the following is not true about the unadjusted trial balance?
A)An unadjusted trial balance may only include a preliminary amount for income tax expense.
B)An unadjusted trial balance might balance even if there is a mistake.
C)An unadjusted trial balance does not yet include end-of-the-accounting period adjustments.
D)An unadjusted trial balance is part of the financial statements issued to external decision makers.

Question

Quizplus · Accepted Answer

An unadjusted trial balance is not part of the financial statements issued to external decision makers. It is an internal document used by the accounting team to ensure that the debits and credits in the accounting system are balanced. The financial statements issued to external decision makers, such as investors or creditors, include the adjusted trial balance, income statement, balance sheet, and statement of cash flows.

Which of the Following Is Not True About the Unadjusted