This topic contains a solution. Click here to go to the answer

Author Question: If the totals of the post-closing trial balance are not equal, the first step in tracking down the ... (Read 67 times)

geoffrey

  • Hero Member
  • *****
  • Posts: 880
If the totals of the post-closing trial balance are not equal, the first step in tracking down the error is to verify postings to the ledger.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Explain why the notes are an integral part of the financial statements.
 
  What will be an ideal response?



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

blfontai

  • Sr. Member
  • ****
  • Posts: 327
Answer to Question 1

False

Answer to Question 2

The notes must be read in order to understand the presentation on the face of the financial statements. Key information that can be found in the notes includes a summary of the firm's accounting policies and any changes that may have been made to those policies during the reporting period. Detail about particular accounts such as inventory, property, plant and equipment, investments, long-term debt, and equity accounts can be found in the notes. Information about acquisitions, divestitures, pension and stock option plans, leases, legal proceedings, income taxes, contingencies and commitments, quarterly results of operations and operating segments can also be found in the notes.




geoffrey

  • Member
  • Posts: 880
Reply 2 on: Jul 6, 2018
Thanks for the timely response, appreciate it


parshano

  • Member
  • Posts: 333
Reply 3 on: Yesterday
Gracias!

 

Did you know?

Throughout history, plants containing cardiac steroids have been used as heart drugs and as poisons (e.g., in arrows used in combat), emetics, and diuretics.

Did you know?

The senior population grows every year. Seniors older than 65 years of age now comprise more than 13% of the total population. However, women outlive men. In the 85-and-over age group, there are only 45 men to every 100 women.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

Vaccines cause herd immunity. If the majority of people in a community have been vaccinated against a disease, an unvaccinated person is less likely to get the disease since others are less likely to become sick from it and spread the disease.

Did you know?

Not getting enough sleep can greatly weaken the immune system. Lack of sleep makes you more likely to catch a cold, or more difficult to fight off an infection.

For a complete list of videos, visit our video library