Explore BrainMass

Basic purpose of a trial balance

Please see attached.

I need the answers with 40 minutes.


Solution Preview

Question 1

The basic purpose of a trial balance is to:

verify that the total credits equal the total debits.

Question 2
Accrued revenues

have been earned and recorded, but not yet collected

Question 3 2.5 points Save

Two constraints mentioned by the FASB in Statement of Financial Accounting Concepts No. 2 on qualitative characteristics are

relevance and reliability

Question 4 2.5 points Save

The organization that presently has the primary responsibility to establish generally accepted accounting principles that are applicable to the financial statements of entities in the private sector of the U.S. is the

Financial Accounting Standards Board

Question 5 2.5 points Save

When preparing closing entries you would expect to find:

debit Sales Revenue, credit Income Summary

Question 6 2.5 points Save

Which of the following is a specific objective of financial reporting?

provide information about a company's ...

Solution Summary

Response discusses basic purpose of a trial balance