Financial Statements Are Prepared Only After the Trial Balance Has

question 93

True/False

Financial statements are prepared only after the trial balance has shown that debits equal credits.
BT: Knowledge

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Definitions:

Liability

The condition of having legal accountability for a debt or duty.

Fiduciary

An individual or organization that acts on behalf of another person or persons, putting their clients' interest ahead of their own, with a duty to preserve good faith and trust.

Utmost Loyalty

The highest level of faithfulness and allegiance one can show to another party, often used in contexts involving organizational, professional, or personal relationships.

Good Faith

The genuine desire to remain equitable, transparent, and truthful, no matter what the result of the engagement is.