Companies can prepare the income statement and the statement of financial position directly from the adjusted trial balance.

Name: Companies can prepare the income statement and the statement of financial position directly from the adjusted trial balance.
Brand: Quizplus
Rating: 4.9 (42 reviews)

Question

Quizplus · Accepted Answer

The adjusted trial balance includes all the necessary adjustments for revenues and expenses, as well as the balance sheet accounts, allowing for direct preparation of the income statement and statement of financial position.

Companies Can Prepare the Income Statement and the Statement of Financial