A Schedule Listing Account Balances for the Current and Previous

question 67

Multiple Choice

A schedule listing account balances for the current and previous years,and columns for adjusting and reclassifying entries proposed by the auditors to arrive at the final mount that will appear in the financial statement,is referred to as a:

• A)Working trial balance.
• B)Lead schedule.
• C)Summarizing schedule.
• D)Supporting schedule.

---

Definitions:

Implied Authority

This refers to the power of an agent to perform acts which are reasonably necessary to accomplish the purpose of an organization’s agency agreement, even if not explicitly granted.

Duty of Accounting

The obligation of a party (usually a fiduciary) to keep accurate records and report financial activity to relevant stakeholders or authorities.

Agent Owe

The duty or obligation an agent has to act in the best interest of the principal, including loyalty, care, and full disclosure.

Principal

In finance, the principal is the initial amount of a loan or the amount of an investment excluding any interest or profit earned.