ACC 561 Week 2 Discussion Answers

Due Thursday

Revenues and expenses are recognized by the following principles: Expense recognition: Expense is recognized in the period in which related revenue is recognized (this is also known as the Matching Principle).

Respond to one or more of the following in a minimum of 175 words:

• What is the purpose of a trial balance? If the debits equal the credits in the trial balance, will the financial statements be error-free? Why or why not?

ACC 561 Week 2 Discussion Answers

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