This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: Which of the following is true of a personal balance sheet? A) It provides a snapshot of an ... (Read 9 times)

lb_gilbert

  • Hero Member
  • *****
  • Posts: 588
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


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

efwsefaw

  • Sr. Member
  • ****
  • Posts: 351
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

  • Member
  • Posts: 588
Reply 2 on: Jul 6, 2018
Wow, this really help

nguyenhoanhat

  • Member
  • Posts: 332
Reply 3 on: Yesterday
Gracias!

« previous next »
 

Did you know?

After a vasectomy, it takes about 12 ejaculations to clear out sperm that were already beyond the blocked area.

Did you know?

In ancient Rome, many of the richer people in the population had lead-induced gout. The reason for this is unclear. Lead poisoning has also been linked to madness.

Did you know?

In the United States, congenital cytomegalovirus causes one child to become disabled almost every hour. CMV is the leading preventable viral cause of development disability in newborns. These disabilities include hearing or vision loss, and cerebral palsy.

Did you know?

Women are 50% to 75% more likely than men to experience an adverse drug reaction.

Did you know?

Cyanide works by making the human body unable to use oxygen.

Examples of Scenarios Involving Nonmoral, Impersonal Moral, and Personal Moral Judgments from the St Examples of Scenarios Involving Nonmoral, Impersonal Moral, and Personal Moral Judgments from the St
Some different varieties of asymmetrical balance. Some different varieties of asymmetrical balance.
Among non-Muslims in the United States, wearing a head scarf, or a khimar, is a personal fashion ... Among non-Muslims in the United States, wearing a head scarf, or a khimar, is a personal fashion ...
Creating a tent for turning from prone to supine or vice versa. Pin one side of the sheet against ... Creating a tent for turning from prone to supine or vice versa. Pin one side of the sheet against ...
Fluid Balance Fluid Balance
An inventory record sheet shows a balance on hand of 972. During the month units sold were 111, ... An inventory record sheet shows a balance on hand of 972. During the month units sold were 111, ...
Video: Structure of Amino Acid, Peptide Bonds & Polypeptides

For a complete list of videos, visit our video library