Can Financial Statements Be Prepared Directly from the Adjusted Tabular

question 149

Multiple Choice

Can financial statements be prepared directly from the adjusted tabular summary?

• A)They cannot.A separate list must be used.
• B)Yes adjustments have been recorded.
• C)No adjusted tabular summary merely proves the equality of the basic accounting equation after adjustments are recorded.It has no other purpose.
• D)They can because the adjusted tabular summary reflects the adjusted balance to retained earnings.

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