The Steps in Preparing a Trial Balance Include All of the Following

question 10

Multiple Choice

The steps in preparing a trial balance include all of the following except

• A) listing the account titles and their balances.
• B) totaling the debit and credit columns.
• C) proving the equality of the two columns.
• D) transferring journal amounts to ledger accounts.

Identify criteria for revenue recognition from the sale of goods or services.

Analyze revenue recognition in the context of principal/agent relationships.

Distinguish between income categories as defined in the Conceptual Framework.

Understand required disclosures under revenue recognition standards.

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Definitions:

Data

Information collected for reference or analysis.

Inference

The process of using data analysis to deduce properties of an underlying distribution of probability; drawing conclusions about populations based on sample data.

Optimization Models

Mathematical models that are designed to find the best possible solution or outcome from a set of parameters or constraints.

Prescriptive Analytics

The set of analytical techniques that yield a best course of action.