Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance

Financial Accounting

3. Accrual Accounting Concepts

Unadjusted vs Adjusted Trial Balance

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Multiple Choice

An adjusted trial balance includes which of the following accounts?

All accounts after adjusting entries have been made

Only asset and liability accounts before adjustments

Only revenue and expense accounts before adjustments

Only accounts that have not changed during the period

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Verified step by step guidance

Understand the purpose of an adjusted trial balance: It is prepared after all adjusting entries have been made at the end of the accounting period to ensure that the ledger accounts are updated and accurate.

Recognize that an adjusted trial balance includes all accounts, not just specific types. This includes asset, liability, equity, revenue, and expense accounts, as well as any accounts affected by adjusting entries.

Adjusting entries are made to account for accruals, deferrals, depreciation, and other necessary adjustments to reflect the true financial position of the company.

The adjusted trial balance ensures that the total debits equal total credits after adjustments, which is a fundamental principle of double-entry accounting.

Review the options provided in the problem and identify that the correct answer is: 'All accounts after adjusting entries have been made,' as this reflects the comprehensive nature of the adjusted trial balance.