Which of the statements below is NOT true?
A) An adjusted trial balance should show ledger account balances.
B) An adjusted trial balance can be used to prepare financial statements.
C) An adjusted trial balance proves the mathematical equality of debits and credits in the ledger.
D) An adjusted trial balance is prepared before all transactions have been journalized.

Question

Quizplus · Accepted Answer

An adjusted trial balance is prepared after all transactions have been journalized and posted to the ledger, and adjusting entries have been made. This ensures that the financial statements can be accurately prepared, reflecting the true financial position of the entity.

Which of the Statements Below Is NOT True