Unused Resource Capacity Plus the Amount of the Resources Used

question 51

True/False

Unused resource capacity plus the amount of the resources used is equal to the amount of resources supplied.

---

Definitions:

Trial Balance

A Trial Balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit columns to ensure that total debits equal total credits.

Financial Statements

Reports that show the financial performance and position of a company, including the balance sheet, income statement, and cash flow statement.

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts for accruals and deferrals that have not been recorded during the period.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thus resetting the temporary accounts for the next period.