Before the closing entries are prepared,the retained earnings balance in the adjusted trial balance is equal to:
A) the balance of retained earnings at the beginning of the year.
B) the balance of retained earnings after adding revenues and subtracting expenses but before subtracting dividends.
C) the balance of retained earnings at the end of the year.
D) the balance of retained earnings at the beginning of the next year.
Correct Answer:
Verified
Q65: In a trial balance a contra-account appears:
A)just
Q77: After adjusting entries are prepared and posted,but
Q78: Which of the following actions would not
Q83: Assuming no errors have been made,when a
Q84: Which of the following accounts would be
Q87: Which of the following statements is true?
A)Expenses
Q94: On the balance sheet,accumulated depreciation is:
A)added to
Q98: The first financial statement prepared after the
Q188: Closing entries:
A)are prepared before financial statements are
Q196: Permanent accounts:
A) are not permitted under GAAP
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents