Under the Articles of Confederation, the President of the Congress​

question 8

Multiple Choice

Under the Articles of Confederation, the President of the Congress​

• A)had executive powers.
• B)functioned similarly to the British Prime Minister.
• C)presided over Congress but had no separate powers.
• D)had to own a certain amount of property to qualify for the position.
• E)None of these are correct.

Recognize the role and characteristics of the adjusted trial balance in the preparation of financial statements.

Recognize the importance and components of the post-closing trial balance.

Identify the sequence and significance of steps in the accounting cycle.

Understand the role of adjusted trial balances in preparing financial statements.

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Definitions:

Unadjusted Trial Balance

A preliminary report in accounting that lists all the balances from all the accounts before any end-of-period adjustments are made.

Adjustments

Changes made to accounts to record actual events that have occurred but haven't yet been recorded by the end of the accounting period.

Income Statement

A financial document that shows a company's revenues, expenses, and net income over a certain period of time.

Adjusted Trial Balance

A list of all the accounts of a company, showing the balance of each after adjustments have been made for journal entries, typically used in the preparation of financial statements.