GB 518 Course Great Wisdom / tutorialrank.com GB 518 Course Great Wisdom / tutorialrank.com | Page 30

Record internal transactions and events

Recognize assets purchased during the period

Recognize debts paid during the period

Correct errors

Question 17. Question :
incorrect?

Which of the following statements is

An income statement reports revenues earned
less expenses incurred
An unadjusted trial balance shows the account
balances after they have been revised to reflect the effects of end-ofperiod adjustments
Interim financial reports can be based on onemonth or three-month accounting periods