Question

Which of the following best describes the difference between an unadjusted trial balance and an adjusted trial balance? An unadjusted trial balance is prepared at the start of the accounting period and is not provided to external decision makers, while an adjusted trial balance is prepared at the end of the period and is provided to external decision makers. An unadjusted trial balance is prepared after the post-closing trial balance. An unadjusted trial balance is prepared before the adjusting entries have been made, while an adjusted trial balance is prepared after the adjusting entries have been made. An unadjusted trial balance is prepared by companies that make adjusting entries, while an adjusted trial balance is prepared by companies that do not make adjusting entries.

Answer 1

Answer:

An unadjusted trial balance is prepared before the adjusting entries have been made, while an adjusted trial balance is prepared after the adjusting entries have been made

Explanation:

Unadjusted trial balance: it is not fully finished, revisions and additional journal entries are missing ( e.g.: accruals, write-offs, etc.  ) or not reviewed.

Adjusted trial balance: it is finished, and ready to have internal partners ( e.g. Management )  analyzing information provided for decision making. Its figures are reliable.

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Answer 2

Answer:

An unadjusted trial balance is prepared before the adjusting entries have been made, while an adjusted trial balance is prepared after the adjusting entries have been made

Explanation:

Unadjusted trial balance: it is not fully finished, revisions and additional journal entries are missing ( e.g.: accruals, write-offs, etc.  ) or not reviewed.

Adjusted trial balance: it is finished, and ready to have internal partners ( e.g. Management )  analyzing information provided for decision making. Its figures are reliable.