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In: Accounting

1)A listing of the balances of all assets, liabilities, and owner's equity accounts is called a...

1)A listing of the balances of all assets, liabilities, and owner's equity accounts is called a compound entry. general journal. trial balance. chart of accounts. B )Adjusting entries are needed to ensure that revenue is recorded when ___ and expenses are recorded when ___. collected, incurred the service is provided , paid collected, paid the service is provided, incurred

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Expert Solution

1. A listing of the balances of all assets, liabilities, and owner's equity accounts is called a Chart of Accounts.

(Explanation: A chart of accounts is a tool wherein all the accounts mentioned in the financial statements are listed. In other words, it provides a record/summary of all the transactions that a company has performed in a particular year. Each account in the chart of accounts corresponds to the two important financial statements, i.e., the balance sheet and income statement with sub accounts as their sub categories.)

Please note: Only listing of balances of all assets, liabilities, and owner's equity accounts is Balance sheet. But since the option is not given in the question, chart of accounts is the next appropriate answer!

2. Adjusting entries are needed to ensure that revenue is recorded when the service is provided and expenses are recorded when incurred.

(Explanation: Adjusting entries are made to ensure that revenue are recognized in the period in which performance is provided and the client is satisfied, expenses are recorded when they are incurred and balance sheet and income statement accounts have correct balances at the end of an accounting period.

ekkarill92 answered 2 years ago
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