Which of the Following Is TRUE of a Completed Worksheet

question 117

Multiple Choice

Which of the following is TRUE of a completed worksheet?

• A) The total debits in the unadjusted trial balance column equal the total debits in the adjusted trial balance column.
• B) The total debits in the income statement column equal the total credits in the balance sheet column.
• C) The total debits in the income statement column equal the total debits in the balance sheet column.
• D) The total of all the debit columns is equal to the total of all the credit columns.

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Definitions:

Managerial Accounting

The area of accounting focused on providing financial data and advice to company managers for decision-making purposes.

GAAP

Generally Accepted Accounting Principles encompass a series of standard accounting practices and rules for the creation of financial reports.

Financial Accounting

The field of accounting that focuses on providing information to external users such as investors, creditors, and regulators, primarily through financial statements.

GAAP

A set of widely accepted accounting norms and standards, referred to as Generally Accepted Accounting Principles, for the preparation of financial statements.