What Is the Purpose of the Adjusted Trial Balance

question 194

Multiple Choice

What is the purpose of the adjusted trial balance?

• A) to verify that all of the adjusting entries have been posted
• B) to verify that the net income (loss) is correctly reported
• C) to verify that no adjusting journal entry has been omitted
• D) to verify that the debits and credits balance

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Definitions:

Futures Contract

A standardized legal agreement to buy or sell something at a predetermined future date and price, commonly used for commodities or financial instruments.

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Financial derivatives contracts that lock in the future delivery of an asset with an interest-bearing instrument at a specified price.