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Why not use the trial balance to report financial information internally and externally?
The trial balance is a list of all T-accounts with a balance. That means that permanent T-accounts (assets, liability and equity T-accounts) and temporary T-accounts (dividends, expenses and revenues) are included.
Reporting the trial balance would mean that the readers (internally and externally) would have to separate the permanent and temporary T-accounts themselves in order to make the balance sheet (info on financial statement) and income statement (info on performance).
What else can I help you with?
Is a 1994 350 Chevy internaly or externaly balance?
It is internally balanced. The 400 small block is the only Chevy engine that is externally balanced.
What is an internally balanced motor?
In the case of an internally balanced motor, the lower rotating assembly inside the motor (pistons, rods, crank and so on) is balanced independent of any external parts. In an externally balanced motor, the converter and/or harmonicbalancer are required to ensure that the engine does spin out-of-balance.
Can you use a internally balanced flexplate with externaly balanced crank and balancer?
No, it is not recommended to mix an internally balanced flexplate with an externally balanced crankshaft and balancer. It is important to use components that are all balanced the same way to ensure proper engine balance and avoid potential damage.
Why may the financial information in a trial balance not be up-to-date and complete?
Adjustments still have to be made on the trial balance.
Which financial statement would provide best information to answer banker's questions?
balance sheet
What financial statement is most likely to provide information about a company ability to repay debt?
Statement of financial position (Balance sheet)
What financial statement is most likely to provide information about a company's ability to repay debt?
Statement of financial position (Balance sheet)
What is the difference between balance sheet and financial statement if there is any........?
Balance Sheet: Balance sheet is the financial picture of an organization on a given day. while financial statement is a broader term and it can be for a very long time. financial statment is a formal record of business financial activities. it can be a day. month a year or so on. while balance sheet is just a part of a financial statement. in short balance sheet is also a finanaical statement. but finanacial statement can not be balance sheet..
What are benefits to a financial balance sheet?
What are benefits to a financial balance sheet?
Difference between balance sheet and consolidated balance sheet?
Simple balance sheet provides information of one single company only while consolidated balance sheet provides the information of parent as well as child company as a single financial statement.
How do you get my balance?
What is my balance for my financial aid
What are the importance of balance sheet?
The balance sheet is important because it provides the information needed for tracking the financial process of a business. It gives the owners an easier and quicker way to handle their capabilities and financial strengths within their business.
