Author Question: Which of the following is true of a personal balance sheet? A) It provides a snapshot of an ... (Read 72 times)

lb_gilbert · **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

efwsefaw · **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