Answered: The income statement is drawn up from…

The income statement is drawn up from the figures in the _________________ Select one: a. Accounts Receivable ledger b. Accounts payable ledger c. Trial Balance d. Cash Flow Statement

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter9: Auditing The Revenue Cycle.

Section: Chapter Questions

Problem 2CYBK: In the revenue cycle, the most significant accounts typically include revenue and accounts...

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Question

The income statement is drawn up from the figures in the _________________

Select one:

a. Accounts Receivable ledger

b. Accounts payable ledger

c. Trial Balance

d. Cash Flow Statement

Definition Definition Statement that shows the ending balance of all the ledger accounts of a firm at the end of the accounting period. The trial balance is prepared after all the entries have been posted to the ledger accounts and assists in preparing the final accounts of a firm.

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