A Trial Balance Prepared After Adjustments Have Been Recorded Is

question 148

Multiple Choice

A trial balance prepared after adjustments have been recorded is called a(n)

• A) Balance sheet
• B) Adjusted trial balance
• C) Unadjusted trial balance
• D) Summary trial balance
• E) Income statement

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Definitions:

General Ledger

A ledger that contains all asset, liability, and owner’s equity accounts.

Normal Standards

Predetermined costs or benchmarks that are established based on the historical performance and expected future costs, used to measure production efficiency and budget compliance.

Rigorous

Characterized by strict precision, accuracy, and careful attention to detail.

Materials Quantity Variance

The difference between the actual amount of materials used in production and the standard amount expected to be used, multiplied by the standard cost per unit of material.