Data from a trial balance is used to prepare the income statement,statement of owner's equity,and the balance sheet.

Name: Data from a trial balance is used to prepare the income statement,statement of owner's equity,and the balance sheet.
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Question

Quizplus · Accepted Answer

The trial balance provides a summary of all the data in the ledger accounts and is used to prepare the financial statements, including the income statement, statement of owner's equity, and balance sheet. Therefore, the statement is true.

Data from a Trial Balance Is Used to Prepare the Income