When Preparing the Trial Balance, Record the Balances of the Accounts

question 75

True/False

When preparing the trial balance, record the balances of the accounts in the order in which they appear in the general ledger.

---

Definitions:

Additional Capital

Funds injected into a business by its owners or investors over and above the initial investment amount, usually to support growth or cover deficits.

Chief Characteristics

Principal or most significant features, properties, or attributes that distinguish a subject or entity.

Implied Covenant

A legal promise that is not expressly stated but is considered a fundamental part of a contract to ensure fairness and honesty.

Good Faith and Fair Dealing

An implied contractual obligation to act honestly and fairly towards the other party, avoiding taking unfair advantage in a transaction.