An Adjusted Trial Balance Is Necessary to Prepare Financial Statements

question 154

True/False

An adjusted trial balance is necessary to prepare financial statements.

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Definitions:

Unstable

Lacking consistency or predictability; prone to rapid or unexpected change.

Uncontrollable

Refers to anything beyond one's power or authority to command, regulate, or restrain.

Fundamental Attribution Error

The fundamental attribution error is a cognitive bias where people disproportionately attribute others' actions to their personality or disposition rather than situational factors.

Actor/Observer Bias

The tendency to attribute one's own actions to external causes while attributing others' actions to their internal characteristics.