The Worksheet Does Not Show

question 202

Multiple Choice

The worksheet does not show

• A) net income or loss for the period.
• B) revenue and expense account balances.
• C) the ending balance in Retained Earnings .
• D) the trial balance before adjustments.

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Definitions:

Contra Account

An account that is used to reduce the value of a related account on a financial statement and presents the net balance of both accounts.

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against a fixed asset since it was put into use.

Anticipated Benefits

Anticipated benefits are the expected positive outcomes or gains that result from particular actions or investments.

Useful Life

The expected period over which an asset is anticipated to be used by an organization, or the number of production or similar units expected to be obtained from the asset.