On the Worksheet, the Balance Sheet Columns Should Balance

question 28

Multiple Choice

On the worksheet, the Balance Sheet columns should balance:

• A)after the net income amount is added to the Balance Sheet Credit column.
• B)before the net income amount is added to the Balance Sheet Credit column.
• C)before the net income amount is added to the Balance Sheet Debit column.
• D)after the net income amount is added to the Balance Sheet Debit column.

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Definitions:

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, reflecting the consumption of the asset over time.

Disbursements Schedule

A plan that outlines the expected payments to be made by an organization over a specified period.

Production Budget

An estimation of the number of units that must be produced in a given period to meet both sales and inventory needs.