One of your friends, who is a small business owner, knows you are taking introductory accounting and
Question:
One of your friends, who is a small business owner, knows you are taking introductory accounting and asked you the following question:
“If my trial balance is in balance, can I conclude that my accounting is correct? If not, what can I conclude?”
Required
Prepare your response.
Step by Step Answer:
If your trial balance is in balance you may not conclude that your accounting is correct you can con...View the full answer
Understanding Financial Accounting
ISBN: 9781119406921
2nd Canadian Edition
Authors: Christopher D. Burnley
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
A small business owner visits her bank to ask for a loan. The owner states that she can repay a loan at $1,000 per month for the next three years and then $2,000 per month for two years after that....
-
A small business owner visits his bank to ask for a loan. The owner states that he can repay a loan at $1,500 per month for the next three years and then $500 per month for two years after that. If...
-
Is it possible for a small business owner to take an active role in social responsibility? What are some ways that a small business (for example, a family business or a local business you are...
-
Write using only positive exponents and then evaluate. Assume that all variables represent nonzero real numbers. 5 -2
-
(a) Use Mathcad to create an animation showing how contours and three-dimensional plots of the H+2 LCAO MOs 1 and 2 [Eqs. (13.57) and (13.58)] for a plane containing the nuclei change as R changes...
-
Certain populations of finches have long been isolated on the Galapagos Islands off the western coast of South America. Compared with the larger stock population of mainland finches, these separate...
-
A new product was manufactured by Anamika Ltd. and was placed for sale in three markets. Three prices were selected for testing each market. From the following informations, calculate the price to...
-
During the summer between his junior and senior years, James Cook needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, he decided to try the...
-
! Required information [The following information applies to the questions displayed below.) On January 1 of year 1, Arthur and Aretha Franklin purchased a home for $2.59 million by paying $290,000...
-
A competing bicycle store has a better location than yours. It is in a modern shopping center with a lot of customer traffic. Your store is in an older neighborhood and requires customers to travel...
-
One of your friends, who is also a classmate, came to you in the library and asked if you can explain the concept of normal balances to her. She was busy on social media during the part of the class...
-
One of your friends, who is a small business owner, knows you are taking introductory accounting and asked you the following question: I am looking for a new accountant to do my books and taxes. When...
-
Assume in problem 15-1 that Minetello's tax rate is 40% and that the equipment's CCA would be $20,000 per year. If the company leased the asset on a 2-year lease, the payment would be $22,000 at the...
-
How do these relevant legal principles apply: Duty of care Duty of obedience Duty of loyalty Shareholder Derivative suit Piercing the corporate veil...
-
what will you do as a hotel manager if a customer complained about bad service they received?
-
How do marketers use new products to maintain and grow their market share? Your response must include a specific example of a company that successfully grew its business or attracted a new target...
-
How do you encourage cross-functional synergy within your organization to break down silos and facilitate innovative solutions to complex challenges ?
-
1. what is intended internal resource strategies. How do you plan to develop or acquire resources (tangible and/or intangible) that would generate core competencies? What are examples of resource...
-
Contrast the following terms: a. Break-even analysis; present value; net present value; return on investment b. Economic feasibility; legal and contractual feasibility; operational feasibility;...
-
Provide an example of an aggressive accounting practice. Why is this practice aggressive?
-
Exhibits 5.21B and contain the consolidated statements of cash flows and related note disclosure for Aritzia Inc. Required a. In total, how much did Aritzias cash and cash equivalents change during...
-
Sweet Dreams Chocolatiers Ltd. began operations on January 1, 2024. During its first year, the following transactions occurred: 1. Issued common shares for $200,000 cash. 2. Purchased $475,000 of...
-
Paratha Company started business on January 1, 2024. Some of the events that occurred in its first year of operations follow: Transactions 1. Equipment that cost $200,000 was purchased on February 1...
-
Marigold industries had the following inventory transactions occur during 2020: 2/1/20 Purchase 51 units @ $46 cost/unit 3/14/20 purchase 98 units @ $49 cost/unit 5/1/20 purchase 68 units @ $53...
-
In this investment portfolio simulation, you and the bean counters, will invest and manage a fictitional amount of $ 1 , 0 0 0 , 0 0 0 during next three weeks. The simulation includes two fictitional...
-
Roberson Corporation uses a periodic inventory system and the retail inventory method. Accounting records provided the following information for the 2018 fiscal year: Cost Retail Beginning inventory...
Study smarter with the SolutionInn App