The Main Reason an Accountant Would Conduct a Trial Balance

question 102

Multiple Choice

The main reason an accountant would conduct a trial balance is to:

• A)Determine whether account figures in the ledger are correct and balanced.
• B)Obtain an estimate of the amount of taxes the firm owes.
• C)Ensure the audit was done correctly.
• D)Verify the validity of last year's balance sheet before beginning the next accounting cycle.

Distinguish between normal and inferior goods and their responses to income changes.

Recognize factors that cause shifts in demand and supply curves.

Understand the law of supply and how price influences quantity supplied.

Analyze the impact of technological advancements on supply.

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Definitions:

Community Resource

A service, facility, or information that is available to members of a community, often aimed at improving quality of life.

Social Network

A social network is a social structure made up of individuals or organizations that are connected by one or more types of interdependency, such as friendships, kinship, common interest, or economic exchange.

Compadres

A term of Spanish origin, meaning friends or companions; often used to denote a relationship of mutual support and respect.

Kinship Groups

Social units based on common ancestry, marriage, or adoption that form a fundamental component in organizing societies.