The Adjusted Trial Balance Is Used to Prepare the Financial

question 165

True/False

The adjusted trial balance is used to prepare the financial statements for an organization.

---

Definitions:

Financial Statements

Reports that summarize the financial activities and condition of a business or individual.

Liability

A financial obligation or amount owed by a company to creditors, employees, tax authorities, or other entities.

Unearned Fees

Income received by a business for services yet to be performed or delivered, recorded as a liability on the balance sheet until the services are completed.

Earned Fees

Revenue generated from providing services or performing work.