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Author Question: Which of the following is true of a personal balance sheet? A) It provides a snapshot of an ... (Read 11 times)

lb_gilbert

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on: Jul 6, 2018
Which of the following is true of a personal balance sheet?
 
  A) It provides a snapshot of an individual's financial condition at a specific point in time.
  B) It reflects the historical cost of assets and the estimated current amounts of liabilities.
  C) It is prepared by the manager for the personal use of the company.
  D) It is prepared by a company for individual investors to reflect the data required by them.

Question 2

If an entry is correctly journalized, but posted to the incorrect accounts, with equal debits and credits, the trial balance will still be out of balance.
 a. True
   b. False
   Indicate whether the statement is true or false


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efwsefaw

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Reply #1 on: Jul 6, 2018
Answer to Question 1

A
Explanation: A) A personal balance sheet provides a snapshot of an individual's financial condition at a specific point in time.

Answer to Question 2

False


lb_gilbert

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Reply 2 on: Jul 6, 2018
Wow, this really help

kalskdjl1212

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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