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fomenos
1 year ago
14

The trial balance prepared after all closing entries have been journalized and posted is called the?

Business
1 answer:
valina [46]1 year ago
5 0

The trial balance prepared after all closing entries have been journalized and posted is called the <u>Post-closing trial balance</u>

<u></u>

A balance sheet or an income statement are frequently mistaken for a trial balance. Trial Balance is an internal report that is created at the conclusion of each accounting period, typically in the form of a spreadsheet. A trial balance is primarily used to check the accuracy of the general ledger's list of credit and debit entries.

A trial balance is an essential tool for company. When utilized properly, it can result in the identification of accounting problems, the evaluation of earnings, and support for a company's internal auditing procedure. All of the accounts in a general ledger are listed in a trial balance.

To know more about trial balance

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What is the difference between a shortage and scarcity?.
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shortage is when a particular thing is present for use but not up to what the person needs.

scarcity is when a thing or object ceased to be used or non availability of a particular thing for a particular period of time.

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2 years ago
What is the term for the rectangle where a row and column meet?
stiks02 [169]
Good day

<span>The point where a column and row meet forms a rectangle
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3 years ago
Which of the following statements is true regarding depreciation methods?
r-ruslan [8.4K]

Answer:

The correct answer is letter "D": The use of a higher estimated life and a higher residual value will lower the annual amount of depreciation expense recognized on the income statement.

Explanation:

Depreciation distributes the cost and cost over the useful life of the assets of tangible and real assets. A business could depreciate an asset over a period of up to thirty years, depending on the type of asset it is. There are many depreciation methods but, among the most common we can find the <em>Straight-line method, the Double Declining Balance method</em>, and <em>the Units of Production method</em>. As long as the estimated life of the asset and its residual value is high, the amount filed for the depreciation will be lower.

7 0
3 years ago
Jacqui decides to open her own business and earns $50,000 in accounting profit the first year. When deciding to open her own bus
Ira Lisetskai [31]

Answer:

C) $4,000

Explanation:

To calculate economic profit we can use the following formula:

economic profit = total revenue - (accounting costs + implicit costs) = (total revenue - accounting cost) - implicit costs

where:

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economic profit = $50,000 - $46,000 = $4,000

3 0
3 years ago
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