Which of the Following Can Be Prepared by Taking the Account

question 97

Multiple Choice

Which of the following can be prepared by taking the account balances from the general ledger after closing?

• A) Income statement
• B) Post-closing trial balance
• C) Balance sheet
• D) Statement of owner's equity
• E) Adjusted trial balance

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Definitions:

Private

Relating to or intended for an individual or group rather than the public or the state; not governmental.

Express Warranties

Are explicit, confirmed promises made by a seller to a buyer about the condition or quality of a product or service.

Implied Warranty

a legal assumption that a product or service sold will meet certain quality and functionality standards even if not explicitly stated.

Merchantability

A guarantee that a product sold meets certain quality standards and is fit for the ordinary purposes for which such goods are used.