Please see attached.
I need the answers with 40 minutes.
The basic purpose of a trial balance is to:
verify that the total credits equal the total debits.
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 ...
Response discusses basic purpose of a trial balance