The Primary Purpose of the Adjusted Trial Balance Is to See

question 14

True/False

The primary purpose of the adjusted trial balance is to see whether revenues are greater than expenses.
BT: Knowledge

---

Definitions:

Income Summary

An account used in the closing process that summarizes the revenue and expenses for a specific accounting period.

Expenses Accounts

Accounts that track money spent or costs incurred in a company’s operations to generate revenue.

Rent Expense

The cost incurred for utilizing a property or equipment for business purposes, recognized as an expense in the accounting period it is incurred.

Net Income

The company's net income following the deduction of all costs and taxes from the total income.