False, An adjusted trial balance does not list the revenues and expenses of a business.
- No entry is made under the accrual system of accounting until the money has been paid.
- Additionally,<u> an </u><u>adjusted trial balance</u><u> does not include a </u><u>business's revenues and costs.</u> The net income will be inflated if a corporation doesn't make an adjustment entry for accrued revenues.
What is an adjusted trial balance ?
- At the end of an accounting period, the balances of all accounts, including those that have been amended, are displayed in an adjusted trial balance.
- Its goal is to demonstrate that, after all adjustments, the total debit and total credit balances in the ledger are equal.
Which of the following is true of a trial balance?
A trial balance with equal debit and credit balances proves that the accounts are in balance.
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There are producers, trade industries, and service industries.
Answer:
30 points
Explanation:
If the question is worth 60 points, split between 2 people, it's 30.
Answer:
The answer is: The overhead variance was $1,700 and it was overapplied
Explanation:
Victryl's estimated overhead cost per labor hour was:
$700,000 / 35,000 = $20 per labor hour
If during February, Victryl had 5,000 direct labor hours, then its estimated cost should have been: $20 x 5,000 = $100,000 estimated overhead cost
The actual overhead cost was $98,300, which is $1,700 less than the estimated cost.
