What is the difference between balance sheet and trial balance

Asked by admin @ in Business viewed by 335 People

Select all that apply What is the difference between an adjusted trial balance and an unadjusted trial balance? (Check all that apply.) Multiple select question. The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted. The unadjusted trial balance is more up to date and should be used to prepare financial statements. The adjusted trial balance is used to prepare financial statements. The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.

Answered by admin @


Answer:

  • The adjusted trial balance is a list of accounts and their balances after adjusting entries have been posted.
  • The adjusted trial balance is used to prepare financial statements.
  • The adjusted trial balance generally has more accounts listed than the unadjusted trial balance.

Explanation:

The Adjusted Trial balance lists the accounts that the company has at their ending balances which means that adjusting entries have been posted.

As a result of the Adjusted Trial Balance having final account balances, it is used to prepare the financial statements for the company as only final balances should be used in such.

More often than not, the Adjusted trial balance will have more accounts than the unadjusted balance because in process of adjustment, more accounts may be created for transactions that were not posted properly. For instance, there might be liability accounts for expenses if the expenses were not paid in the current period.


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