Which of the Following Is Not a Reason Why a Company

question 7

Multiple Choice

Which of the following is not a reason why a company first prepares a worksheet?

• A) simplify recording of adjusting and closing entries in the general journal
• B) substitute for the trial balance
• C) make it easier to prepare financial statements
• D) minimize errors

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Definitions:

Intestate

The condition of having died without having made a valid will, leading to the distribution of assets according to state laws.

Real Property

Land and anything permanently attached to it, such as buildings, trees, and minerals, distinguished from personal property.

Domicile

A place where a person lives or has his home; in a strict legal sense, the place where he has his true, fixed, permanent home and principal establishment, and to which place he has, whenever he is absent, the intention of returning.

Trustee's Fiduciary Duties

Obligations of a trustee to act in the best interests of the beneficiaries, including duties of loyalty, care, and impartiality.