Which of the Following Statements Is True

question 85

Multiple Choice

Which of the following statements is true?

• A)Adjusting entries are recorded after the closing entries have been recorded.
• B)Equal totals in a trial balance guarantees that no errors were made in the recording process.
• C)Debits are equal to credits only after closing entries have been recorded.
• D)The balance in the retained earnings account in the trial balance will equal the retained earnings balance on the balance sheet only after closing entries have been posted to the general ledger.

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Definitions:

Price Changes

Adjustments made to the selling price of goods or services in response to market demands, cost of production, or competitive landscape.

Fad Appeal

Marketing strategies that seek to capitalize on a trend or craze among consumers, often with products that may have short-lived popularity.

Counterfeit Beanie Babies

Fake versions of the popular Beanie Babies toys, produced without authorization to imitate the originals.

Craftsmanship

The quality of design and work shown in something made by hand; artistry.