The Number of Accounts in the Adjusted Trial Balance Is

question 14

Multiple Choice

The number of accounts in the adjusted trial balance is usually

• A) greater than the number of accounts in the unadjusted trial balance.
• B) equal to the number of accounts in the unadjusted trial balance.
• C) less than the number of accounts in the unadjusted trial balance.
• D) less than or equal to the number of accounts in the unadjusted trial balance.

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Definitions:

Fiscal Year

A fiscal year is a 12-month period used for accounting purposes and preparing financial statements, not always coinciding with the calendar year.

FMV

Fair Market Value, the price at which property would sell on the open market between a willing buyer and seller.

Basis

The amount of investment in property for tax purposes, used to calculate the gain or loss on the sale, exchange, or disposition of property.

Corporation

A legal entity owned by shareholders with rights and liabilities separate from those of its owners, and which pays taxes on earnings.