The financial statements are prepared from the unadjusted trial balance

Asked by wiki @ 05/11/2021 in Business viewed by 539 People

Which of the following statements is incorrect? Group of answer choices Financial statements can be prepared directly from information in the adjusted trial balance. Financial statements should be prepared directly from information in the unadjusted trial balance. An adjusted trial balance is a list of accounts and balances prepared after adjusting entries have been recorded and posted to the ledger. An unadjusted trial balance is a list of accounts and balances prepared before adjustments are recorde

Answered by wiki @ 05/11/2021

Answer:

Financial statements should be prepared directly from information in the unadjusted trial balance.

Explanation:

A trial balance is a preliminary record of all debits and credits in financial transactions of a business. It is used to prepare the three financial statements: balance sheet, income statement, and cash flow statement.

Adjusting entries are posted to the list of accounts to form the adjusted trial balance.

Adjusted trial balance is now used to prepare financial statements.

So the statement - Financial statements should be prepared directly from information in the unadjusted trial balance. Is untrue

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