The Unadjusted Trial Balance

question 123

Multiple Choice

The unadjusted trial balance:

• A)does not yet include income tax expense.
• B)might balance even if there is a mistake.
• C)does not yet include end-of-the-accounting period adjustments.
• D)all of the choices.

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Definitions:

Liquid Resource

Assets that can be quickly and easily converted into cash without significant loss in value.

Inventory

the raw materials, work-in-process products, and finished goods that are considered to be the portion of a business's assets that are ready or will be ready for sale.

Solvency Ratios

Solvency Ratios measure a company's ability to meet its long-term debts and financial obligations, indicating its financial health.

Maturing Obligations

Short-term debts or obligations that are nearing their due date and need to be repaid or refinanced.