This Report Indicates Whether the Total Debits Equal the Total

question 16

Multiple Choice

This report indicates whether the total debits equal the total credits posted to the general ledger.

• A)a trial balance.
• B)a completeness test.
• C)a closed-loop verification.
• D)a general journal listing.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, listing revenues and expenses to show net profit or loss.

Balance Sheet

A financial statement that displays a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a snapshot of its financial condition.

Adjusting Entries

Entries made in financial ledgers at the end of a bookkeeping period to accurately distribute incomes and spending to the intervals in which they factually transpired.

Accrued Salaries

Salaries that have been earned but not yet paid out to employees.